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China's rich prefer foreign brands: survey [Copy link] 中文

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Post time 2008-2-22 10:35:05 |Display all floors
BEIJING (AFP) - Chanel, BMW and French wines are the preferred choices for affluent consumers in China, even if they have to pay a premium for foreign luxury, a survey showed.

More than 56 percent of well-off Chinese favour foreign or world-famous brands, according to a report released by MasterCard Worldwide this week, based on a survey of high-earning Chinese city dwellers.

The survey covered 1,800 people with an annual income over 16,000 dollars in Beijing, Shanghai and the southern city of Guangzhou.

Most of the respondents believed that brands were either "extremely important" or "important," with 92.7 percent citing high quality as a key factor for choosing a brand, the report said.

Some 68.3 percent said brand recognition and 58.5 percent said fashionable looks and design were also reasons for preferring certain brands.

All of the top ten automobile brands and watch brands are foreign, with BMW and Rolex ranking the first in each category, respectively.

Foreign brands also dominate when it comes to fashion, with Chanel taking the top position and Giorgio Armani in second among a top ten that, again, are all foreign, the survey said.

It also found that the consumption of wine, although a relatively recent lifestyle trend in China, is fast becoming popular especially among the rich, with French wine preferred by 80.7 percent of the respondents.

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Post time 2008-2-22 12:43:29 |Display all floors
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Roach Exterminator

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Post time 2008-2-22 13:02:34 |Display all floors

There Are Clearly Deficiencies in National Education

There are clearly deficiencies in the education, at least for the rich anyway.  They do tend to buy things that are expensive, mistaking price for quality. That is just plain stupid.

At least the national policy is going in the right direction, with the recent change to order all official car purchases from the provincial level and up to be domestic vehicles.  Also, the more recent tax rebate (13 to 17%) for the rural folks to buy refrigerators and TVs and other major appliances, I believe is also limited to domestic models, as the way it should be.

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Post time 2008-2-22 13:24:00 |Display all floors
It's only proper that the Chinese wealthy prefer foreign brands; China still lacks a well-developed luxury industry, especially when it comes to larger goods like cars, so it's no big deal. China may not have a well-developed luxury industry for decades, it may not even develop one and instead go the direction of many other countries (the US included) and cultivate industries centered on the middle class.
"Justice prevails... evil justice."

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Post time 2008-2-22 13:29:28 |Display all floors
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Roach Exterminator

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Post time 2008-2-22 13:34:27 |Display all floors
ZG,

People underestimate what it takes to make a luxury brand and overestimate their importance. Mercedes, for example, isn't worth much in all, it just makes Germans feel good. But the brand was hard to build and, in fact, was forged over decades through racing in the early twentieth century. Lexus and Acura still can't compete and remain, really, just tarted up Toyotas and Hondas.

I really do expect China to pursue a middle class industrial base, largely because it shares a commonality, enormous population, with the other technologically advanced producer of all things middle class (the US). I've noticed that luxuries are often the products of small countries, not large ones.
"Justice prevails... evil justice."

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Post time 2008-2-22 14:27:33 |Display all floors
Those rich who prefered to luxury brands may think only those luxury products can indicates their social position and they belong to the rich.
hehe

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