London Olympic Games, Chinese Tourists Have Amazing Purchasing Power.

With more than half of the London Olympic Games going on, China is at the forefront of the medal list. It not only shows strong sports strength, but also the Chinese tourists who come to watch the competition.

According to statistics, during the Olympic Games, Chinese tourists were the most generous, with an average consumption of 203.04 pounds, which was 10% higher than that of the second UAE tourist.

In especial

Consumption, the purchasing power of Chinese tourists is even more alarming, making European luxury brands suffering from the European debt crisis full of money.

Today, the consumption of luxury goods is decreasing.

Overseas luxury goods aim at "yellow skin".

Luxury is a kind of consumer goods that is beyond the needs of people's survival and development. It is unique, scarce and rare.

The difference between luxury goods and ordinary consumer goods is that luxury goods have certain scarcity, high quality and symbolism.

Therefore, luxury consumption is closely related to the level of economic development and economic strength.

Europe and the United States as the world's leading players

The birthplace has always been the main force of luxury consumption.

However, with the slowdown of global economic growth in recent years, the consumption level of developed countries such as Europe and the United States has been decreasing, especially the consumption demand for luxury goods is decreasing.

On the contrary, China has gradually become the fastest growing country of luxury consumption in the world.

According to McKinsey's report released in March 2011, Chinese consumers spend 18% annually on luxury goods and will reach 27 billion dollars by 2015.

Especially with the rapid growth of China's overseas tourism, it has become one of the important purposes for Chinese tourists to buy luxury goods overseas.

The strong purchasing power of Chinese tourists has allowed travel agencies to join the shopping list without hesitation in line design. Many places such as French old Buddha and Paris spring have gathered many international luxury brands, which has become a must for Chinese tourists.

A lot of money is spent to show off.

Why do Chinese people have a special liking for luxury goods? In fact, with the improvement of China's economic level, people's demand for everyday consumer goods is not only satisfied with basic functions, but also more emphasis on quality, brand and additional functions.

Once the most expensive luxury goods have become the daily necessities of many people, they have entered the lives of ordinary people.

According to the survey of the World Luxury Association, more than 70% of Chinese luxury consumers believe that luxury is not only a social tool instead of traditional gifts, but also a strong label reflecting individual social values. More and more young people follow the mainstream psychology and push Chinese luxury consumers to become younger.

This "superficial consumer psychology" focuses on the brand value and surface effect of luxury goods instead of focusing on the value of the commodity itself in order to let others know the social value of luxury goods and compare and prove their wealth and social status with luxury goods.

"The main motive of our consumers to buy luxury goods is to show off their identities, so as to show their status and gain vanity and satisfaction."

Yi Shaohua, an associate researcher at the Chinese Academy of Social Sciences's Financial Strategy Research Institute, said that the average age of luxury consumers in China is 25-35 years old, while the average age of luxury consumers in developed countries is 40-70 years old. The pursuit of quality and enjoyment and self reward has also become one of the intrinsic motivations of Chinese consumers, but "flaunting" is still a key factor in promoting the consumption of luxury goods in China.

Changing the consumption concept of "small rich or extravagant"

Whether it's a few thousand dollars.

Bags, or millions of dollars top sports cars, every luxury brand's growth is behind the great contribution of Chinese consumers.

BMW, the world's largest luxury car manufacturer, is more dependent on the Chinese market than ever before. In May this year, BMW's sales in China increased by 31.5% over the same period last year, up from 30.8% in April.

BMW said that in the first 5 months of this year, the total sales volume of BMW series cars in China amounted to more than 13.5 vehicles, or 34.4%.

However, in the context of the global financial crisis, luxury goods have been sluggish overseas, but they are making money in China.

Can the situation show that China is already very rich and its consumption level has been greatly improved? KPMG's "China luxury report" shows that the overall level of prosperity of our consumers is not high, most of the consumption is concentrated on clothing, perfume, watches and other personal products, and it is a commodity driven consumption.

In developed countries, people spend 4% of their income on luxury goods. In China, many consumers buy luxuries with 40% or more of their income.

That is to say, many consumers in China do not have the luxury condition of consuming luxury goods, but they are consuming some luxuries.

The concept of luxury consumption has been seriously distorted, blindly pursued and the brand hunger marketing has dual factors, which has created the status of China's second largest luxury consumer in the world today.

Therefore, we should establish a healthy consumption concept and guide people to consume reasonably.

Yi Shaohua said that we should change the concept of small wealth, that is, luxury consumption, reduce the extravagant consumption beyond our own economic capacity, increase the necessary consumer behavior constraints and risk control capabilities; at the same time, improve the quality of luxury consumers, promote luxury consumers to actively assume social responsibility, take the initiative to undertake public welfare undertakings, and make wealth gain greater external effects.