Rich consumers (generally 20-60 years old) are fairly concentrated in large urban areas, with Beijing, Guangdong, and Shanghai housing about half of this group. These individuals are successful entrepreneurs, top managers, and business owners. They pursue the best products available, particularly imports, and are the perfect candidates to market new products to. Premium supermarkets have already emerged in China to provide high-quality products to wealthy consumers.
Chinese rich consumers chase luxury brands
For many Chinese consumers, luxury brands from Europe and the U.S. are seen as prestigious. In fact, labels like Louis Vuitton, Chanel, Cartier, Burberry, and Apple were among the favorites for gift-giving by wealthy Chinese consumers. In recent years, “Made in the USA” brands, including Tory Burch, Kate Spade, and Michael Kors, become increasingly popular in China. U.S. export businesses expanding into China can benefit from a halo effect from these products by emphasizing their own U.S.
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