Why Rich Chinese Prefer Gucci While Rich Americans Prefer Coach

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While American consumers seek bargain pricing in the luxury goods they buy, Chinese consumers seek exclusivity.

Those are some of the findings from a survey published by Agility Research & Strategy that interviewed 3,000 affluent U.S., Chinese, Hong Kong and Singaporean consumers about their luxury consumption. (Click to enlarge)

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Based on answers from those in the top 25th percentile of household income in their countries, the survey found that more than four in five, a whopping 86 percent, of Chinese consumers agree that they buy luxury brands because of their exclusivity. That stands in contrast to only 51 percent of wealthy American consumers who said the same.

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Price, on the other hand, seems to be American consumers’ main concern in regard to luxury merchandise. Nearly three in four, or 73 percent, of U.S. respondents agreed that it was important to get the best possible price when buying luxury brands, while only 15 percent of Chinese luxury consumers felt the same.

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In terms of buying luxury goods because they are of higher quality, 86 percent of those Chinese surveyed agreed, as compared to 72 percent of the American respondents.

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In terms of online shopping behavior, the survey found that 81 percent of Chinese consumers do online research before purchasing, while only 65 percent of American consumers do the same.

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When it comes to purchasing online, nearly 10 percent more of China’s wealthy residents, 59 percent versus 50 percent, click to purchase their luxury goods than their U.S. counterparts.

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There were also differences between Chinese and American tastes in designers. While Americans preferred more affordable, domestic luxury brands like Coach, Ralph Lauren and Calvin Klein, Chinese consumers listed more expensive, international brands Chanel, Gucci and Burberry as the designers that stocked their closets.

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