Consumption pattern among rich Chinese Changes rapidly

Consumption pattern of wealthy Chinese has changed greatly in recent days, according to a report by the KOTRA Shanghai Office released on July 16. The rich people in China changed to prefer commodities with cutting-edge technological functions to just luxury bands.

They no longer stick to buying expensive commodities just for demonstration. Thay have come to put emphasis on the practicality of goods, the report said. 

For example in case of ‘NUMI Smart toilet bowl’ manufactured by Kohler, it doesn’t give any luxurious feeling outwardly, but various functions involving music, bidet, warm wind blowing and lighting are incorporated.

The sales price of ‘NUMI’ amount to 40,000 yuan (7.2 million won) and almost 40 sets were sold in Hsi-an on the first day its sales. Some consumers have to resort to prior reservation for its purchase because large number of
people swam to buy it.

This report analyzed that the product is popular because it is easy to handle despite various cutting-edge fuctionings that could not found in general toilet bowl. Such luxurious and muti-functioning goods coincide with the demand of the wealthy classes in China well even though it is expensive over 10 times compared to other brand toilet bowl  being marketed in China.

Lately Chinese millionaires who attach importance to experience type consumption for self-satisfaction, are on the rise. In the case of DUX, Switzerland’s high-quality bedclothes manufacturer which branched out into China in late 2003, its sales increased as Chinese millionaires who prefer convenient bedstead desapite high prices of `1-200,000 yuan (1.8-3.6 million won) are on the rise.

The Elite Co., Switzerland’s mattress manufacturer which produces handicraft mattress using environment-friendly materials, is gaining popularity as environment-friendly life trend spreads among the well-to-do of China nowadays.

The KOTRA report further said that the Chinese well-to-do were found to stick to comfortable  and convenient  commodities rather than those famous just by their brand names.

There are growing number of those who would like to buy things less well-known but rare ones, it said.

Even in time of purchasing luxury goods, they tend to buy luxury products with excellent design rather than those having big brand logo.  In case of the frame of a pair of spectables worth 800,000 yuans (143.42 million won) which was produced by Germany Lotos, the most expensive glasses brand in the world, there is no brand name or logo inlaid on the products. The reason to be popular among the Chinese rich is peculiar gem design on its body.

With the change of preference among the rich Chinese, Gucci, an Italian maker luxury goods, plans to reduce the production of goods with its logo imprinted and Burbbery will also follow suit, according to the report.

 news@theasian.asia