The Luxury Industry is Dynamic

The Luxury Industry is Dynamic
Abstract
With the continuous improvement of China's economic level, China's luxury goods consumption has grown rapidly in the past decade. China accounts for one-third of the global luxury goods market, and young Chinese (born between 1980 and 1995, about 320 million people) are the main force in their consumption, and the growing generation Z is also becoming more and more a young luxury market, or some "potential stocks" of luxury brands. Although there is a lot of room for development in China's luxury consumer market, market management and consumer behavior are not yet mature. Therefore, it is of great practical significance to conduct in-depth research on the impact of luxury brand attitudes on Chinese young people's purchasing behavior. At present, most of the literature research on luxury consumers' purchasing behavior only stays on the appearance of consumption behavior, and there is little research on luxury brand attitudes and purchasing behavior tendencies of Chinese young consumers. Therefore, from the perspective of young Chinese consumers, this paper conducts an empirical analysis of the association between luxury brand attitudes and purchasing behavior tendencies.
From the perspective of the attitude ABC model, this paper selects and optimizes the scale, designs a questionnaire for empirical research, and verifies the explanatory power of brand attitudes on purchase intentions. The empirical results show that the luxury brand attitude based on the attitude ABC model has a significant impact on the purchasing behavior tendency. Furthermore, considering that the luxury brand attitude is also affected by factors such as gender, age, income, and region, this paper also discusses the attitude ABC model from the perspective of set out to study its level of action. This research is crucial for marketing directors because they can apply the findings to strategise their marketing and approach the Chinese young luxury market with knowledge of the motivations that influence the young luxury consumers.
Keyword：Luxury Brand Chinese Young People Purchasing Behavior
Introduction
Background
The luxury industry is dynamic. People have different tastes for luxury products, and their consumption depends on several factors, including age, attitudes, celebrity influence, cultural beliefs, and behaviour, among others. Luxury consumption has decreased in Traditional markets like North America and Italy due to the economic downtown in these countries and other parts of the world, while markets like China have gained tremendous growth in the Luxury products market (Ngai and Cho, 2012). McKinsey and Company reported a negative growth of the luxury market in Europe by 8 % and 25% in the United States (Atsmon et al., 2011). The report also showed that countries leading in luxury markets like Japan experienced negative growth in 2010. However, a similar report by McKinsey and Company (2017) indicates that the luxury market in China is proliferating due to robust economic growth and favourable global trade policies. The report projected a 44% growth in China's luxury market by 2020 to overtake japan and become the biggest consumer of luxury product.
Most luxury product consumers in the West...