Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

Research on Luxury Consumption in the Background of Financial Crisis

Authors
Cao Jiachen1, *
1Xi’an Gaoxin NO.1 High School International Course Center
*Corresponding author. Email: 2563972812@qq.com
Corresponding Author
Cao Jiachen
Available Online 26 March 2022.
DOI
https://doi.org/10.2991/aebmr.k.220307.441How to use a DOI?
Keywords
Financial crisis; Luxury consumption; Real economy; Investment; Motivation in purchasing
Abstract

Under the financial crisis, the demand decreases significantly in the whole economic market, while the amount of consumption in the whole luxury economy market is not clear yet. This article is mainly based on two perspectives of direct and indirect impact to explore the positive promoting effect and negative inhibiting effect of the financial crisis on luxury consumption on luxury consumption. The research results indicate that, under the financial crisis, luxury goods consumption is expected to reduce to a certain extent due to the damaged entity economy and consumer purchasing power, at the same time, however, luxury consumption and growth to a great extent, because the financial crisis makes public tend to invest more on luxury products, purchase motivation of many consumers changes, and the competition among various luxury goods companies becomes far more fierece. In addition, customers with low income, fixed income or passive reaction to the crisis will probably spend less on luxury, while those who has high income, stable income or optimistic view may well increase luxury consumption.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
26 March 2022
ISBN
978-94-6239-554-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.220307.441How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Cao Jiachen
PY  - 2022
DA  - 2022/03/26
TI  - Research on Luxury Consumption in the Background of Financial Crisis
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 2709
EP  - 2713
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.441
DO  - https://doi.org/10.2991/aebmr.k.220307.441
ID  - Jiachen2022
ER  -