Analysis on Psychological Behavior of Chinese Luxury Consumers and Development Strategy of Luxury Goods

DOI

10.2991/aebmr.k.220603.091How to use a DOI?

Keywords

Luxury goods; Set price; Market; Consumer psychological behavior; Luxury marketing strategy

Abstract

Since the reform and opening up, luxury jewelry consumption has gradually entered certain social strata with the continuous development of China’s social economy, the continuous improvement of the income level of the Chinese people, and the change of consumption patterns. The middle class is willing to choose luxury goods to show their economic strength and social status. Gradually, luxury accessories have become a new synonym for the wealthy. Therefore, the demand for luxury accessories in the Chinese market has increased rapidly. This has obviously shown the characteristics of Chinese luxury consumers, namely the self-realization pursuing, conspicuous consumption, conformity consumption psychology, and emotional consumption psychology. This paper then studies the development strategies of Hermès, and it is found that Hermès has successfully developed itself by entering a wide variety of markets, keeping a good reputation and high-quality products, and becoming creative and innovative. Taking the strategies of Hermès as a reference, this paper provides suggestions on the luxury marketing strategy in China, which can be summarized as paying attention to the cultivation of brand awareness, the pricing strategy of luxury goods, the design of luxury sales stores, and the creation of the scarcity of luxury products, so as to promote the development of China’s luxury industry.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

Download article (PDF)

TY  - CONF
AU  - Yanzhe Zhang
PY  - 2022
DA  - 2022/07/01
TI  - Analysis on Psychological Behavior of Chinese Luxury Consumers and Development Strategy of Luxury Goods
BT  - Proceedings of the 2022 2nd International Conference on Enterprise Management and Economic Development (ICEMED 2022)
PB  - Atlantis Press
SP  - 568
EP  - 572
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220603.091
DO  - 10.2991/aebmr.k.220603.091
ID  - Zhang2022
ER  -