Research on Why China's Luxury Market Sustained Prosperity Under the Covid-19

Abstract

In recent years, with the rapid growth of China's economy and the increase of per capita disposable income of consumers, China's luxury consumption market has witnessed rapid development. Under the impact of Covid-19, the luxury market in Europe and the United States showed a downward trend, while the Chinese luxury market continued to be prosperous, which played an important role in the luxury market in this special period. This article will start with the existing psychological theory of luxury consumption, based on China's special cultural and social background, and analyze the specific consumption motivation of Chinese luxury consumers and find out the uniqueness of their consumption motivation compared with that of Western consumers. This paper aims to provide useful references for research in the field of luxury consumption through the analysis of China's luxury market and consumer psychology, and provide theoretical guidance for practitioners in this field, such as luxury marketing teams when actually formulating market strategies