By Serena Rovai (auth.)
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Additional resources for Luxury the Chinese Way: New Competitive Scenario
New consumer segments have emerged and are achieving a transformation of the market, with novel and distinctive behavioural trends and approaches to luxury brands derived from the country’s historical sociocultural path and economic development. In the past, Western brands, with or without a consolidated brand identity and positioning, could arrive in China and, simply by being an international brand, have the opportunity of conquering the “piece of the cake” that represents the Chinese market.
It was an additional negative factor in a market context of slowing economic development and decreased foreign investments. Bain & Company evidenced that, in addition to the economic slowdown, the government regulatory inﬂuence, and the “pro-austerity propaganda”, the Chinese scenario for luxury brands was also becoming more diverse in relation to the new government orientations for urban development, the so-called “Go West” policy – the opening up of new investment geographical areas in China, support for new centres of economic development, and the emergence of new wealthy classes.
Through the centuries, the “luxury heritage” disappeared and the role of quality manufacturing seemed to have its centre in Asia, in particular in the Middle Kingdom, where reﬁned ceramics, perfumed balsams, and exquisite fabrics were handcrafted and later shipped to the Mediterranean basin and the British Empire. Besides unique body ornaments, ﬂamboyant household ceramics, and fashionable apparel, “innovative” food and wine, and scented teas were also on the list of the most “sought after” goods that were created in and traded from China.