China's Elite Think Louis Vuitton Is 'Just For Secretaries'
Desiree Sison | | Mar 01, 2015 06:29 AM EST |
(Photo : Reuters)
Louis Vuitton has become passé in China, at least for the elite who have abandoned the label for even more expensive brands and bespoke goods.
China's rich consumers have further leveled up in their expensive taste in luxury brand goods saying Louis Vuitton is "a brand for secretaries."
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Although the Louis Vuitton luxury brand became a status symbol for the Chinese elite since 2003, many felt that it no longer cottoned to their taste after it hit the mainstream in latter years.
"Louis Vuitton has become too ordinary," said a billionaire woman to a China market research group.The woman added that everyone owns a Louis Vuitton bag and that she sees these bags in every restaurant in Beijing.
The very high-end consumers are reportedly purchasing Chanel or Bottega Veneta bags in recent years because these brands are 'exclusive.'
The Chinese rich have become too sophisticated in their taste after the Vuitton products became popular among the middle class.
Sara Jane Ho, head of a Chinese etiquette school, said that her students are 'sophisticated' and more than able to sustain their higher standards in shopping for luxury goods.
"I don't see anybody carrying a Gucci or a Louis Vuitton bag, My students were already purchasing Hermes bags ten years ago," she said.
An HSBC managing director said that Chinese luxury shoppers have lost their interest on things that are Vuitton, saying that they have seen it too much and is a brand 'for secretaries.'
Despite this turnaround, Vuitton's loss in the elite market has become its gain in the middle class sector where young office workers save up and are only too willing to shell out money to purchase that dream Louis Vuitton bag.
Reports said the Vuitton company must find a way to hold on to the middle class consumers, and at the same time win back the high-end consumers who have opted to buy more exclusive brands that subtly declare their status symbol.
TagsLouis Vuitton, luxury brands, Hermes, Bottega Veneta, Bling Dynasty
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