Research on Why China's Luxury Market Sustained Prosperity Under the Covid-19

Research Article
Open access

Research on Why China's Luxury Market Sustained Prosperity Under the Covid-19

Yixuan Liu 1*
  • 1 Beijing Normal University-Hong Kong Baptist University United International College (UIC), 2000 Jintong Road, Tangjiawan, Zhuhai, Guangdong Province, China, 519087    
  • *corresponding author uicfbm@uic.edu.cn
Published on 23 April 2023 | https://doi.org/10.54254/2754-1169/5/20220095
AEMPS Vol.5
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-21-8
ISBN (Online): 978-1-915371-22-5

Abstract

In recent years, with the rapid growth of China's economy and the increase of per capita disposable income of consumers, China's luxury consumption market has witnessed rapid development. Under the impact of Covid-19, the luxury market in Europe and the United States showed a downward trend, while the Chinese luxury market continued to be prosperous, which played an important role in the luxury market in this special period. This article will start with the existing psychological theory of luxury consumption, based on China's special cultural and social background, and analyze the specific consumption motivation of Chinese luxury consumers and find out the uniqueness of their consumption motivation compared with that of Western consumers. This paper aims to provide useful references for research in the field of luxury consumption through the analysis of China's luxury market and consumer psychology, and provide theoretical guidance for practitioners in this field, such as luxury marketing teams when actually formulating market strategies

Keywords:

Luxury market, consumption motivation, the influence of social and cultural background on the economy.

Liu,Y. (2023). Research on Why China's Luxury Market Sustained Prosperity Under the Covid-19. Advances in Economics, Management and Political Sciences,5,311-317.
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References

[1]. CHINANEWS. (2021, 1 21). WWW.CHINANEWS.COM. Retrieved from CHINANEWS.

[2]. Veblen, T. B. (1899). The Theory of the Leisure Class. New York: Vanguard Press.

[3]. Leibenstein, H. (1950). Bandwagon, snob, and Veblen effects in the theory of consumers' demand. Quartly Journal of Economics, 183-207.

[4]. Mason, R. (1992). Modeling the demand for status goods, working paper. UK: Department of Business and Management Studies, University of Salford.

[5]. Mason, R. (1993). Cross-cultural influences on the demands for status good. European Advances in Consumer Research, 46-51.

[6]. Dubois, B., & Giles, L. (1994). Attitudes toward the concept of luxury: An exploratory analysis. Asia Pacific Advances in Consumer Research. Leong, S.M. and Cotc, J.A., 273-278.

[7]. Franck, V., & Lester, J. W. (1993). A reviewand a conceptual framework of prestige-seeking consumer behavior. Academyofmarketing Science review, 237-261.

[8]. ZHAI, X. (2004). Favor, Face and Reproduction of the Power: A way of social exchange in a reasonableness society.

[9]. WANG, H. (2009). A Study on China's Luxury Consumption Based on Consumer Behavior Analysis. Enterprise Economy, 86.

[10]. GUO, P., & SU, Y. (2009, 9 19). An Empirical Study on Luxury Consumption Behavior in China.

[11]. ZHU, X. (2006, 7). An Empirical Study on Luxury Consumption Motivation of Chinese Consumers. BUSINESS ECONOMICS AND ADMINISTRATION, p. 47.


Cite this article

Liu,Y. (2023). Research on Why China's Luxury Market Sustained Prosperity Under the Covid-19. Advances in Economics, Management and Political Sciences,5,311-317.

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About volume

Volume title: Proceedings of the 2022 International Conference on Financial Technology and Business Analysis (ICFTBA 2022), Part 1

ISBN:978-1-915371-21-8(Print) / 978-1-915371-22-5(Online)
Editor:Javier Cifuentes-Faura, Canh Thien Dang
Conference website: http://www.icftba.org
Conference date: 16 December 2022
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.5
ISSN:2754-1169(Print) / 2754-1177(Online)

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References

[1]. CHINANEWS. (2021, 1 21). WWW.CHINANEWS.COM. Retrieved from CHINANEWS.

[2]. Veblen, T. B. (1899). The Theory of the Leisure Class. New York: Vanguard Press.

[3]. Leibenstein, H. (1950). Bandwagon, snob, and Veblen effects in the theory of consumers' demand. Quartly Journal of Economics, 183-207.

[4]. Mason, R. (1992). Modeling the demand for status goods, working paper. UK: Department of Business and Management Studies, University of Salford.

[5]. Mason, R. (1993). Cross-cultural influences on the demands for status good. European Advances in Consumer Research, 46-51.

[6]. Dubois, B., & Giles, L. (1994). Attitudes toward the concept of luxury: An exploratory analysis. Asia Pacific Advances in Consumer Research. Leong, S.M. and Cotc, J.A., 273-278.

[7]. Franck, V., & Lester, J. W. (1993). A reviewand a conceptual framework of prestige-seeking consumer behavior. Academyofmarketing Science review, 237-261.

[8]. ZHAI, X. (2004). Favor, Face and Reproduction of the Power: A way of social exchange in a reasonableness society.

[9]. WANG, H. (2009). A Study on China's Luxury Consumption Based on Consumer Behavior Analysis. Enterprise Economy, 86.

[10]. GUO, P., & SU, Y. (2009, 9 19). An Empirical Study on Luxury Consumption Behavior in China.

[11]. ZHU, X. (2006, 7). An Empirical Study on Luxury Consumption Motivation of Chinese Consumers. BUSINESS ECONOMICS AND ADMINISTRATION, p. 47.