Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)

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The Development Status, Problems and Countermeasures of China's Luxury Goods Market During the COVID-19 Period

Authors
Tianyuan Yang1, *
1Bayes Business School, Northampton Square, London, EC1Y 8TZ, United Kingdom
*Corresponding author. Email: vitaehyung@163.com
Corresponding Author
Tianyuan Yang
Available Online 27 December 2022.
DOI
10.2991/978-94-6463-098-5_25How to use a DOI?
Keywords
Luxury goods; China market; COVID-19; development status; problems and countermeasures
Abstract

The demand for luxury products among Chinese consumers is rising along with the nation's consumption level's ongoing development and the country's rising annual income. The COVID-19's economic impact, however, has caused significant shifts in the developing Chinese luxury goods sector, and it is impossible to anticipate how things will pan out going forward. This paper examines the development status of China's luxury goods market in depth, takes into account the context of the epidemic, after reading pertinent papers, gathers information from pertinent reports published by Bain Capital, Deloitte, and other reputable institutions, and conducts qualitative and quantitative analysis. This paper claims that China's luxury sector has significant untapped potential, but there are still issues such as high pricing driven by tariffs, brand halo retreat, and the presence of counterfeit and poor goods. In light of the aforementioned issues, this study proposes remedies, such as reducing tariffs, boosting local companies, improving marketing, and utilising blockchain technology to to improve China’s luxury goods market. This paper hoping to offer some references for the development of luxury goods market.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
27 December 2022
ISBN
10.2991/978-94-6463-098-5_25
ISSN
2352-5428
DOI
10.2991/978-94-6463-098-5_25How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Tianyuan Yang
PY  - 2022
DA  - 2022/12/27
TI  - The Development Status, Problems and Countermeasures of China's Luxury Goods Market During the COVID-19 Period
BT  - Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)
PB  - Atlantis Press
SP  - 204
EP  - 210
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-098-5_25
DO  - 10.2991/978-94-6463-098-5_25
ID  - Yang2022
ER  -