The Influence of Luxury Brand

The Influence of Luxury Brand Attitudes on Chinese Young People's Purchasing Behavior
Introduction
The world is dynamic, and people's lifestyles are changing. There has been a unique dynamism in China's young people's lifestyles, giving some good development opportunities to luxury companies to grow and expand in China (Rovai, 2016). Luxury goods are special and often have a higher experience value in quality, prices, and brand (Faccioli, 2021). Despite their high price values, luxury goods follow the law of value with a high ratio of brand image and buying value. This means that the primary function of these luxury goods is to satisfy the consumer experience and needs instead of transferring value (Zhang, 2017). Luxury goods are different, and various people have different tastes and motivations in choosing the lifestyle to live based on their cultural backgrounds (Wang, 2011, p. 346). This section reviews the literature review of three primary research areas: the motive and culture behind Chinese luxury consumption, the Chinese luxury market, and attitudes towards luxury brands. However, it is crucial to first analyze the luxury market industry and luxury brand consumers, and the young chinse luxury market consumers.
Analysis of Luxury Market Industry and Luxury Brand Consumers
The luxury market industry is dynamic like other sectors. In the 19th century, the luxury goods markets targeted the elite, wealthy and powerful society members, but the trend changed in the 20th century when the luxury markets began targeting anybody who could afford luxury products (Ott, 2018, p. 108). The 20th-century luxury consumption trend improved exponentially in the 21st century. A 2016 global market report shows that the luxury market grew by 7% in 2012 (Bain and Company, 2016). The report also showed that the Chinese luxury market made negative progress in 2015 but appeared to improve in 2016. Most Chinese spent more on oversea purchases from their neighbors Japan, South Korea, Australia, and Europe, with external spending increasing by 200% (Hung et al., 2021). Bain and Company (2016) attribute this to the price dynamics in the different luxury markets.
The COVID-19 pandemic affected the growth of the luxury market globally. Luxury market segments led by personal luxury products, luxury cars, and hospitality luxury, accounting for 80% of the luxury market, were affected. In a 2021 luxury market report by Bain and Company, D'Arpizio et al. (2021) reported that these market decline caused by the pandemic began to grow in 2021 by 13-15%, which is equivalent to €1.14 trillion, but that was still 9-11% behind the 2019 market value for these luxury products. These data show that the luxury market has recorded overall positive growth over time and does not discriminate against countries or regions. Luxury consumers in developing areas depend more on oversea shopping to get the brands of the luxury product they want. For example, most African countries do not have car manufacturing industries and rely on Japan and other automobile manufacturing countries. This is similar in China for globally established industries but not of Chinese origin. Zhang (2019, p. 19) argues that most luxury companies have tapped on these open opportunities by open...