In 2017, China’s purchase of luxury goods was equal to the USA and Japan combined. By 2024, China luxury goods purchases almost to the level of the USA, Europe and Japan combined.
Consumers in China spent $118.39 billion on luxury goods in 2017. In 2017, Americans bought $81.2 billion in luxury goods and Japanese bought $37.2 billion.
The number of affluent consumers in China are expected to grow from 15 million in 2015, or 2.5% of the population in urban China, to 33 million by 2020.
E-Commerce in China
China’s e-commerce market will reach $1.1 trillion in 2018, making it the world’s first trillion-dollar e-commerce market. China’s online retail market is expected to hit $1.8 trillion in 2022, buoyed by local tech titans Alibaba and JD.com, according to a report by Forrester. Chinese online retail market will be more than double the size of the US market, which will reach $713 billion in 2022 and 10 times larger than Japan at $159 billion.
China now accounts for 83% of all online retail sales in the Asia Pacific region.
On November 11, 2018, Alibaba set a record 213.5 billion yuan (US$30.8 billion) in gross merchandise value for its flagship 24-hour retail event, a 27% increase over last year.
China’s digital economy has experienced massive growth over the last decade.
About 10 years ago China accounted for less than one percent of the global e-commerce market; today its share is 42%. In comparison, the United States’ share of the market is 24%, down from 35% in 2005.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
It’s an over simplification to say “socialism” failed miserably, when there is no such thing as a 100% purely socialist OR capitalist society in the world. All societies have a mix or capitalism and socialism, including the U.S. As well, there is no universally agreed upon definition of what constitutes a “socialist” system.
People aren’t robots and there is a limit to how much you can spend on tools and education.
Obviously in a ideal society everybody would be 100% motivated to work, and they will sleep in their offices/cubicles/work station, everybody would wear the same outfit, no vacations, they will have kids who will be taken away an raised in massive facilities never to be seen again, all forms of entertainment will be banned like music, film etc… all old people unable to work get put down
Want to maximize production? kill all humans and replace them with robots or make all humans into slaves.
But reality is different, people are motivated to become rich so they can buy yachts, Gucci purses, rolex watches etc….
Ask any med student why he is going to medical school, and the vast majority will reply that they want money to buy luxury goods and luxury services
Ask any amateur inventor, ask Bill gates and steve jobs why they spent so much time tinkering in the garage
No they weren’t tinkering in the garage for fun, the end goal for Bill Gates and Steve Jobs was always to become rich and they saw technology as a path to becoming rich so they could buy luxury goods and luxury services.
At the beginning some innovative products are similar to luxury products: electric roadster, vacation in space, iPhone, laptop computer, TV set, … So a market for luxury products can help further technical innovation.
By the rich, for the rich.Luxury good production is actually a *negative* for your economy, not a positive. It means your economy caters to parasites. Economies like that fail.
this isnt surprising since Asian consumers in general seem to purchase luxury goods at much higher rates than others… and i mean real luxury not club monaco or kays jewelers.. but things like gucci, prada, fendi, cartier, rolex, etc
People aren’t robots and there is a limit to how much you can spend on tools and education.Obviously in a ideal society everybody would be 100% motivated to work, and they will sleep in their offices/cubicles/work station, everybody would wear the same outfit, no vacations, they will have kids who will be taken away an raised in massive facilities never to be seen again, all forms of entertainment will be banned like music, film etc… all old people unable to work get put downWant to maximize production? kill all humans and replace them with robots or make all humans into slaves.But reality is different, people are motivated to become rich so they can buy yachts, Gucci purses, rolex watches etc…. Ask any med student why he is going to medical school, and the vast majority will reply that they want money to buy luxury goods and luxury servicesAsk any amateur inventor, ask Bill gates and steve jobs why they spent so much time tinkering in the garageNo they weren’t tinkering in the garage for fun, the end goal for Bill Gates and Steve Jobs was always to become rich and they saw technology as a path to becoming rich so they could buy luxury goods and luxury services.
It’s an over simplification to say “socialism” failed miserably, when there is no such thing as a 100% purely socialist OR capitalist society in the world. All societies have a mix or capitalism and socialism, including the U.S. As well, there is no universally agreed upon definition of what constitutes a “socialist” system.
People aren’t robots and there is a limit to how much you can spend on tools and education.
Obviously in a ideal society everybody would be 100% motivated to work, and they will sleep in their offices/cubicles/work station, everybody would wear the same outfit, no vacations, they will have kids who will be taken away an raised in massive facilities never to be seen again, all forms of entertainment will be banned like music, film etc… all old people unable to work get put down
Want to maximize production? kill all humans and replace them with robots or make all humans into slaves.
But reality is different, people are motivated to become rich so they can buy yachts, Gucci purses, rolex watches etc….
Ask any med student why he is going to medical school, and the vast majority will reply that they want money to buy luxury goods and luxury services
Ask any amateur inventor, ask Bill gates and steve jobs why they spent so much time tinkering in the garage
No they weren’t tinkering in the garage for fun, the end goal for Bill Gates and Steve Jobs was always to become rich and they saw technology as a path to becoming rich so they could buy luxury goods and luxury services.
It’s an over simplification to say “socialism” failed miserably, when there is no such thing as a 100% purely socialist OR capitalist society in the world. All societies have a mix or capitalism and socialism, including the U.S. As well, there is no universally agreed upon definition of what constitutes a “socialist” system.
At the beginning some innovative products are similar to luxury products: electric roadster, vacation in space, iPhone, laptop computer, TV set, … So a market for luxury products can help further technical innovation.
At the beginning some innovative products are similar to luxury products: electric roadster, vacation in space, iPhone, laptop computer, TV set, … So a market for luxury products can help further technical innovation.
i think you are right if the luxury purchases are made by funds from ill gotten means… however, in a free captalistic society or something similar to one; luxury goods are a motivator to succeed and produce.. which helps incentivize creativity and increased production to attain them.. 450$ purse doesnt help anyone sure, but the desire for one and the spillover affects for society from a persons work ethic and creativity to attain one does usually benefit society
this isnt surprising since Asian consumers in general seem to purchase luxury goods at much higher rates than others… and i mean real luxury not club monaco or kays jewelers.. but things like gucci, prada, fendi, cartier, rolex, etc
Productive economies spend their money on tools, machinery, you know, things that help you make better goods and services.Leveraging sweat shops to produce Gucci Purses is…not ideal.
No but $450 purses do motivate people to work and study. There are numerous kids who will take a summer job to buy a expensive pair of jeans or sneakers
Not really luxury goods are a necessity for the economy People are motivated by different things Why bother working hard and building a billion dollar company when you have to live in the same house, wear the same clothes and eat the same food as everybody else. This is why socialism and communism failed miserably Why bother doing anything in the USSR, when no matter how productive you were forced to wear the same worn out clothes and eat the same lousy food as someone who did nothing.
$450 purses never helped any family’s bottom line.
i think you are right if the luxury purchases are made by funds from ill gotten means… however, in a free captalistic society or something similar to one; luxury goods are a motivator to succeed and produce.. which helps incentivize creativity and increased production to attain them.. 450$ purse doesnt help anyone sure, but the desire for one and the spillover affects for society from a persons work ethic and creativity to attain one does usually benefit society
this isnt surprising since Asian consumers in general seem to purchase luxury goods at much higher rates than others… and i mean real luxury not club monaco or kays jewelers.. but things like gucci, prada, fendi, cartier, rolex, etc
Productive economies spend their money on tools, machinery, you know, things that help you make better goods and services.
Leveraging sweat shops to produce Gucci Purses is…not ideal.
By the rich, for the rich.Luxury good production is actually a *negative* for your economy, not a positive. It means your economy caters to parasites. Economies like that fail.
No but $450 purses do motivate people to work and study.
There are numerous kids who will take a summer job to buy a expensive pair of jeans or sneakers
Not really luxury goods are a necessity for the economy
People are motivated by different things
Why bother working hard and building a billion dollar company when you have to live in the same house, wear the same clothes and eat the same food as everybody else.
This is why socialism and communism failed miserably
Why bother doing anything in the USSR, when no matter how productive you were forced to wear the same worn out clothes and eat the same lousy food as someone who did nothing.
By the rich, for the rich.
Luxury good production is actually a *negative* for your economy, not a positive. It means your economy caters to parasites. Economies like that fail.