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Luxury Consumption

In: Economic Policy of the People's Republic of China

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  • Kevin S. Rowens

    (East Asia Institute of Ludwigshafen University of Business and Society)

Abstract

Demand for luxury goods is growing globally by an average of 3–5 percent annually. In 2018, China alone, with about one-fifth of the world’s population, accounted for one-third of global luxury consumption. As luxury consumption is considered a visible symbol of a society’s inequality development, it also expresses the transformation of Chinese society from a communist agrarian society to a society with a capitalist market economy. Since 1978, China has been catching up with the socio-economic development in a compressed form that Western industrialized countries have been undergoing since the beginning of the nineteenth century, in a potential national market of sub-continental scale and under the leadership of the Chinese Communist Party, which in its pursuit of catching up and catching up is fuelling the capitalist dynamic with promises of wealth and luxury, thus accepting glaring social inequality despite its successes in poverty alleviation. The proportion of the country’s population eligible for sustainable luxury consumption is now estimated at 180–200 million people.

Suggested Citation

  • Kevin S. Rowens, 2023. "Luxury Consumption," Springer Books, in: Barbara Darimont (ed.), Economic Policy of the People's Republic of China, chapter 8, pages 117-139, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38467-8_8
    DOI: 10.1007/978-3-658-38467-8_8
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