An Analysis of customer attitude towards luxury brands in the Chinese market – A Case of study of Harrods UK

February 5, 2015

China is considered to be one of the fastest growing economy and ideal places for business expansions. It is one of the biggest economic giants of the world and is continuously growing. The income as well the aspiration level of the middle class has been growing and thus the living standards of people are rising. China has been more accepting in terms of understanding and following the western culture and thus it would be beneficial for Harrods to utilize this opportunity (Jung, 2014). The first luxury brands to enter the market of China were Bally, Louis Vuitton, Gucci. The entry was timed after China entered the World trade organization in the year 2006 (Jiang et al, 2014). According to the survey conducted by KMPG in the year 2012, more than 70% of the people of China, in the age group of 25-40 are attracted towards luxury brands and have positively accepted them. This is what proves that China can be considered as one of the emerging markets for luxurious brands and the people will readily accept them. The competition will be definitely tough because of all the presence of big brands like Gucci and Louis Vuitton and thus a good strategy is needed for Harrods to develop its market and create its own customer base (Walley and Li, 2014). There are various research works and literature on the various strategies and market schemes adopted by various firms to promote the luxury brands. However, the research work is confined to the growing business possibilities in China and does not much talk about the luxury brands. The researchers are focussed on the growing of China as the manufacturing hub and centre for services. It has been difficult for many researchers to describe the exact meaning of luxury (Kang et al, 2014). Read more......

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