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China Briefings

Reports on China issued by Samsung Economic Research Institute

China Business Intelligence No. 184

China Business Intelligence No. 184

Samsung Economic Research Institute Beijing Office

Dec. 17, 2010

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China's economic rise has been accompanied by surging demand for luxury goods. Consumer base is widened to include a wider range of the better-off, in addition to the super-rich. The reasons for purchasing luxury goods have also changed. These days, people buy them for their own satisfaction or practical reasons, rather than to exhibit their wealth. The trend has prompted online shopping websites to expand their product range to expensive goods from low-end products. Although prospects for demand are rosy, the luxury goods market may face challenges caused by changes in the business environment and lack of legal protections. Online shopping stores of luxury goods need to focus on nurturing the nascent market to expand their customer base.

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