What Drives Chinese Into Buying Luxury Goods in the 21st Century Dissertation

What Drives Chinese Into Buying Luxury Goods in the 21st Century - Dissertation Example The fact that the demand for luxury goods by the Chinese population is increasing rapidly has become a theme of discussion in the international market. This research incorporates qualitative as well as quantitative research to identify the factors that influence patterns of buying decisions of the Chinese consumers regarding luxury commodities. According to Vickers & Renand (2003) have said that China is one of the top three markets for luxury products in the worldwide economy. China has acquired the top position in demand for a variety of consumer goods, among which luxury goods occupy 19 percent of the demand (Stalk and Michael, 2011). In the demand a large range of other consumer goods China is the second position holder in the world. The consumers in China are steadily becoming brand conscious. It puts significant effect on their decision making about purchase of luxury goods. Their addiction to brands is allowing the Chinese market to make place for itself in the international luxury market and also helping the global luxury brands to increase their influence on the Chinese customers. What are the factors that influence the buying behaviour of Chinese consumers, leading them to purchase luxury goods? Research Hypothesis, Aims, and Objectives Hypothesis The economic growth in China has influenced the buying behavior of Chinese consumers, driving them to buy more luxury goods, brought about by an increase in their purchasing power. Aim This research aims at identifying factors that influence patterns of buying decisions that make Chinese consumers to increase their level of luxury goods consumption over the years. Objectives of the study The objectives of research are different for different individuals and organizations (Srivastava, 2011). The objectives of this study are mentioned below: To explain the phenomenal