Are China’s affluent ‘Buddha youth’ turning their backs on luxury brands?
Research shows most wealthy Chinese born from 1995 to 2000 still like and want expensive things, but are interested in following more spiritual way of life
This article was originally written by Ruonan Zheng and was published on Jing Daily
Are some free-spending Chinese consumers becoming a little less materialistic?
Researchers and trend watchers have noticed a shift in luxury shopping behaviours and attitudes, especially among a younger demographic who may not be quite as willing to splash their cash on high-end products as they were once thought to be.
One report, “Understanding Chinese Millennials’ Apparel Shopping Behavior and Attitudes”, published by Fung Business Intelligence of Hong Kong in August, notes that “good quality” and “good-looking design” are outranking “brand name/famous brand” as attributes buyers are seeking.
“Chinese millennials are still very much interested in luxury brands,” said Amrita Banta, managing director of Singapore-based Agility Research & Strategy.
Chinese millennials are still very much interested in luxury brands ... but they don’t want to be seen as prizing the material [objects] over everything else
“They do want and like material things, but they don’t want to be seen as prizing the material over everything else.”
Some buyers are looking more to identify with a brand than to show off that they can afford the luxury, for example.
According to Agility Research’s survey – also released in August – of affluent Chinese born between 1995 and 2000, the majority claimed to be “Buddha-like” – referring to a desire to be detached from the material world.
Yet, interestingly, more than half of the surveyed respondents also said they do not regard luxury as having to be material.