Luxury handbag brands may have fallen out of favor in Japan, but they’re just as popular as ever in China. A new study shows the financial crisis hasn’t dented China’s enthusiasm for designer bags, watches, and jewelry.
The study by New York market research firm Pao Principle looked at the buying habits of 448 affluent people from mainland China. It found that nearly 90% of those surveyed had bought a designer bag in the past year.
Nearly two-thirds of men, and a third of women, also bought a luxury watch last year, while another 30% said they’d splurged on jewelry from designers like Tiffany & Co.
“The one-child policy has spawned a generation of more self-centered individuals whose primary goal is to differentiate themselves from their peers,” the marketing firm said. “No longer content to be one of the crowd, this group looks to luxury goods to help achieve this goal.”
A Chinese government stimulus package and record lending by the country’s banks have helped China achieve 8% growth this year, by far the fastest rate of any major world economy.
