Research on the Phenomenon of Modern Luxury Consumption

Abstract

Along with the fast growth of the Chinese economy, the citys population continues to grow, and as the consumer becomes more mature day by day, the quantity of Chinese luxury consumers has obviously increased. This article analyzes luxury consumption by elaborating on the definition of luxury and the relevant situation of luxury consumption and by expounding on the development of luxury thinking. This paper will use the relevant knowledge of international trade, economics, and statistics to analyze the data collected through journal literature inquiry and network search. The result shows that the irreplaceable qualities of symbols, which might reveal a consumers financial and social position, their expectation of receiving respect, and their capacity to connect with others, affect the level of luxury purchase. As luxury consumption has two sides, the state and government should regulate and control it. From this vantage point, the phenomenon of luxury consumption needs to be fairly and impartially assessed. The study of luxury consumption can guide consumers toward establishing a sustainable and healthy consumption concept.