Luxury Consumption In China

This study examines two influencing factors that affect Chinese consumer behavior regarding luxury products.Specifically,this study explores the underlying motivations for luxury consumption among Chinese consumers with regard to psychological and sociocultural influences.Further,a sociocultural and psychological perspective is used with mind to a self-concept theory and underlying political economic implications to analyze collected research on the high consumption of luxury goods in China.Through researching Chinese sociocultural and psychological influences on the consumption of luxury products,this study presents data using logistic regression analysis from 162 Chinese respondents to a Consumer Psychology Survey distributed in the city of Shanghai.As a result of statistical analysis,the survey data finds insufficient evidence of sociocultural influence on Chinese consumption of luxury goods,but finds significant evidence of psychological influence.Additionally,the survey data suggests Chinese consumers with income ranging from 10,000 to 15,000 RMB to be more likely to purchase luxury goods.In short,this study reinforces the idea of a changing consumption culture in China,as well as suggests psychological factors to have significant influence on luxury goods consumption.