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2019 | OriginalPaper | Buchkapitel
6. Luxury with Chinese Characteristics
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Abstract
It is ironic that a country which still calls itself a socialist country (though qualified by “Chinese characteristics”) has turned into a voracious consumer of luxury goods. While rapid economic growth and swelling ranks of the rich are definitely fueling the market, there are also clear cultural and circumstantial factors which make the Chinese more attracted to luxury products than some other markets. The rapid expansion of the internet and its empowering influence is acting as another important catalyst for the luxury market in China. Internet increases the exposure to luxury brands and extends their reach to smaller tier cities, where very few retailers have distribution.