Research Of China's Luxury Brand Development On Key Factors And Entering Strategies

Benefited from China's rapid economic development, Chinese people have been upgrading their consuming activities. Luxury consumption is one result of that. China's domestic luxury consumption achieved over 8.3 billion dollars in 2009 and China is expected to be the biggest luxury consuming country in 2015. With the prosperity of the luxury market, it is a shame to see the absence of China's local luxury brands. Foreign brands have been the first choice of China's consumers and foreign luxury groups have almost dominated China's luxury market. China's exuberant luxury market provides an ideal environment for the birth of China's luxury brands. As consumers become more and more rational and their demand for China's values becomes stronger, it is the right time to create and develop China's luxury brands.The paper takes China's luxury brands as research object, analyzes luxury and the industry, depicts China's luxury market and compares China's luxury brand with foreign counterparts on each factor that will affect the success of luxury brands. There are five parts in this paper. Part 1 is the introduction that describes the research background, purpose, significance and research methods; Part 2 is Luxury and luxury industry that sums up previous researches both foreign and domestic and comes up with characteristics of the industry and makes clear the research scope of the paper; Part 3 is the analysis of China's luxury market and makes the judgment about the future of building China's luxury brands. Part 4 compares China's luxury brands and foreign counterparts on each of the factors that will influence the success of luxury brands and sums up potential entering opportunities. Part 5 offers entering strategies to China's luxury brands. Part 6 is the conclusion and outlook, which summarizes the solutions on China's luxury brand building and the shortcomings of this paper.The paper takes China's luxury brands as research object, attempting to make an analysis of the status quo of China's luxury brand and offer valuable solutions to brand building and development. The conclusions offer practical value to China's luxury brands.