Conspicuous consumption Research Paper Example | Topics and Well Written Essays - 3750 words

Conspicuous consumption - Research Paper Example Tastes and preferences were the principal determinants for the purchase of lavish goods. Exceptionally luxurious products that maintained good quality where desired more. Income did not have a bearing on the decision to purchase luxurious goods, as many people were not fascinated by the price of goods. The Chinese middle class engage in conspicuous consumption so that they can maintain a high standing in the society. They are more westernized and stylish thus seeking to be more exceptional than the other Chinese. Recently, China has witnessed a steady annual growth rate of 10%. This rise has propelled China to an economic powerhouse in less than three decades. Because of China’s rise, approximately 500 million people were raised above the poverty line (Frith, 2010). The middle class did not only resort to unfeasible high-end lifestyles but also changed from a saving to a spending culture. Conspicuous consumption is more pronounced in China because it has a relatively high number of young millionaires. Chinese millionaires lie at the age of 39 years being younger than their international peers are. These millionaires consume luxury goods in order to maintain their professional relationships and high social ranks (Dorothea, M2011). Chinese people are known for bragging in society through ownership of luxurious commodities. They greatly value success, wealth, and social status through displaying expensive watches, jewelry and cars to gain respect from the commoners. Chinese ‘little emperors’ are also an important factor contributing to conspicuous consumption of luxurious goods in China. These young consumers are a result of the one child policy that was adopted in the 1970’s. Those born during that period are without siblings therefore being the focus of attention of parents (Dorothea, M2011). They were brought up as spoilt children who got what they wanted, when they wanted it. It is for this