KPMG: Men buy luxury products to boost their status
According to a survey by KPMG among 1.200 affluent Chinese consumers. Women buy luxury products as a form of self-reward and pampering. Men however make their buying decisions for luxury products based on status.
The survey shows that women tend to make purchasing decisions around cosmetics, perfumes, spa treatments, clothes, footwear, bags and jewelry.
Men on the other hand mostly decide on purchases related to alcohol, watches and automobiles. Joint decisions are made on hotels, resorts and restaurants.
58% of women buy luxury products, followed by self-pampering (54%) and for important occasions (52%). Men, traditionally driven by status, have different motivational factors. While there are some similarities in terms of motivation, 42% acknowledges that they buy luxury products to represent social status and reflect their personal lifestyle. Another large difference lies in the pressure felt from outside. 28% admit buying luxury to fit into social circles, compared to only 16% of women.
