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Change in Spending Habits for Mainland ChineseOctober 7, 2009 By: Michael Grisafe Travel Agent
A recent study by the Pao Principle of buyers of luxury handbags, watches, and jewelry in Mainland China concluded that the luxury market might not be in as dire shape as many have suggested.
According to the worldwide business-consulting firm, Pao Principle, almost 90 percent of individuals surveyed had bought a designer handbag in the past 12 months. Unsurprisingly, men accounted for luxury watch purchases at a ratio of almost two to one over women.
Out of those surveyed who had purchased fine jewelry, Tiffany was king, with almost a third of Mainland Chinese who had purchased fine jewelry in the past 12 month turning to the store for their wares. Necklaces were the accessories of choice, with “white gold” reigning supreme in overall jewelry purchases.
For this study the Pao Principle tracked the buying habits of 448 “high-net-worth individuals.” However, because most of the panelists surveyed where affluent, highly-educated females, 20-40, with over 80 percent home ownership, the study is limited in characterizing the spending habits of many affluent individuals in China.
Nevertheless, the Pao Principle insists that their study is useful for gaining insight into a significant section the Mainland China luxury market.
"Our proprietary panel of high-net-worth Mainland China luxury buyers provides new insights and challenges traditional beliefs," according to Patricia Pao, president, Pao Principle.
Interestingly enough, the Pao Principle attributes much of the spending habits of affluent Chinese to the government itself, stating that the “one-child policy has spawned a generation of more self-centered individuals,” shifting the focus of spending from children to adults in smaller nuclear families.