Condition of The Luxury Consumption of China’s New rich Class

Lu Xiao, who’s been engaging in the research of fashion and luxury brands for a long time, has recently managed a research project named ‘The New Rich Class Research which is started by the School of Management of Fudan University in Shanghai. In this project, Lu Xiao and his team defines the new rich class as successful people who are entrepreneurial men, knowledge workers, investors, or engaging in the business of arts or talents. They may not have the chance to receive higher education, or match the standard of “three highs—highly educated, have high income and high social status”. Among them there are about 5 million people having an annual income more than 1 million RMB, 50 million people having an annual income ranging from 300 thousand to 1 million RMB.

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“They are not mainly gathering in the traditional central cities like Beijing, shanghai and Guangzhou, but all also in Shanxi, the South of Fujian Province, Yangtze River delta, the three northeastern provinces and so on. With the rise of many sub-economic circles, many regional new rich classes of varied life styles and different consumption habits have been bred.” After his interviews that lasts almost a year, Lu Xiao hopes he can draw a picture of the present situation of the new rich class’s luxury consumption in China.

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