All that is gold does not glitter, not all those who buy are lost
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Besides fireworks and dumplings, luxury shopping abroad is becoming a new Spring Festival tradition. From Milan to New York, Chinese tourists are jingling the cash registers in luxury stores and their purchasing power is grabbing headlines.
Domestically, foreign luxury brands are entering second and third-tier city markets. There is little doubt that China is now the most promising market for luxury products.
Though foreign luxury brands are pinning high hopes on China, lavish spending is received with mixed feelings among Chinese. In a country that has endured decades of austerity, lavish spending is something that is associated with greed and remains subtly discouraged.
Even today with China being the world's second largest economy, this stigma remains. Preference for foreign luxury brands and their increasing presence in China also stir the old sentiment of the foreign capitalists exploiting Chinese consumers. Many wonder if it is not a sin to charge tens of thousands of yuan for a handbag.
But yearning for something better is a natural desire. It is also that force which drives an economy forward. Rare materials, superior craftsmanship, limited availability and exorbitant prices are all elements that make luxury goods so craved.
Many Chinese people complain about the lack of homegrown luxury brands and deplore that Chinese brands remain low on the market scale. Insufficient cultural backgrounds and inexperienced marketing strategies are to blame for these doldrums.
But the emergence of luxury goods will be difficult without a social sentiment that accepts and encourages these desires. Unless such desire can be pursued and evidently displayed, manufacturers will not be driven to satisfy such demands.
Such emotion is not unfamiliar in Chinese history. Chinese crafts, for example Song Dynasty porcelain or Qing Dynasty furniture, represent another facet of seeking a sophisticated life. Even today, these go under the hammer for massive amounts.
True, luxurious items are often the subject of bribery in today's China. There are also many cases where luxury items were oddly utilized by China's nouveau riche classes. These are separate issues and should be dealt with separately.
Overspending will lead to economic crisis. There are expensive lessons to be learned, but first of all, desire is not something that we should deny.
