When I was looking through marketing classmates’ blog posts trying to find any idea, Timmy Cheung’s “ New Money”  jumped right into my eyes.(Link:https://blogs.ubc.ca/timmycheung/2012/01/16/new-money/) As a chinese, i am pretty familiar with the current situation which happens in china.

With the rapidly development of economy, a number of chinese catch the great chance, and they become the “new richer”. At the same time, their demand towards luxury products also increased as well as their wealth. Some of them, particular for nouveau riche, they want to show their wealth through purchasing and using luxury products. The same situation also happens here Vancouver. As a result, a strange phenomenon comes out, in most china major cities,for example Hong kong, Shang Hai, people often need to  wait a long line to purchase the luxury products! The service seems not good enough as a luxury brand should provide.

 In most situation, luxury brands are famous for their genuine materials, quality craftsmanship, outstanding customer service and of course the exclusive price. These detailed elements would make their brands symbolize elegant, classy and fashion. However, I think those “nouveau riche” in China are trapped in the trend to take advantage of these brands as a way to show their wealth and social status. Not only in China, but also in other major cities around the world such as Vancouver you will find places such as Holt Renfrew are crowded with these Chinese riches. It seems not a normal case now.

In my opinion, Luxury brand such as LV, Hermes should also need to catch the opportunity to earn profits. The potential market in china is obviously huge enough which worth luxury brands to invest more to get more returns. Luxury brands are supposed to make full force go into the china market without any hesitation. It is a win-win strategy which appeals to both customers and producers.