 Luxury ConsumptionKevin S. Rowens
Chapter 8 in Economic Policy of the People's Republic of China, 2023, pp 117-139 from Springer Abstract: 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. Date: 2023 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-658-38467-8_8 Ordering information: This item can be ordered from DOI: 10.1007/978-3-658-38467-8_8 Access Statistics for this chapter More chapters in Springer Books from Springer |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.