@@albertosanz8446we asians are started not buy already thats why western brands here in asia is declining..we asians are more practical now we use our brain
@@abhp2001 Men's fashion and accessories look feminine, trying to inject a lot of LGBT elements into the fashion nowadays also a big turn off to straight men 😥
@@yy-franco the majority of Chinese are buying Chinese products these days Don’t go with anecdotal evidence With that said? it’s usually the older Chinese still buying luxury foreign made brands Because it’s a status symbol to them even if the foreign brand is more expensive, not as good quality and less innovative these days 👇 According to a study conducted by the Social Survey Center of China Youth Daily, 90.1 percent of the 1,000 young respondents said their consumption decision is based on the "spending where necessary and saving where possible" principle. As for consumer preferences, self-indulgence and experiential consumption are gaining popularity. Young consumers seek more personalized and diversified products, reflecting their emotional needs and increasing sense of self-worth. They are willing to pay a premium for products with unique features and innovative services. Their inclination toward self-indulgence and experiential consumption has catalyzed the development of products and services such as pets, collectibles, wearable devices, smart home appliances, medical aesthetics, virtual reality experience, performing arts, exhibitions, outdoor activities and immersive theater experiences. When it comes to brand cognition, young consumers seem to favor domestic products. Thanks to the plethora of information available online, young consumers no longer blindly pursue foreign brands and instead prefer local brands, highlighting their confidence in Chinese-made products. From Li-Ning, Anta and Warrior shoes to White Rabbit and Liushen, domestic brands in various fields are being warmly embraced by young consumers. With per capita GDP of more than $12,000, China is poised to enter the ranks of middle- to high-income economies, and accordingly, its consumer market is transitioning toward high-quality goods and services. And to promote high-quality consumption, it is essential to adapt to the changing consumer behavior, promote innovation in production and distribution, better meet the diversified and personalized demands of young consumers, and ensure demand drives supply and supply creates demand at a higher level. China Daily
@Dr.Kraig_Ren obviously they did because the Chinese Government cracked down on real estate and speculation But that started in 2010 So people had plenty of warning In China in 2008 around 70% of the people in their real estate markets were buying their 1st homes in their cities By 2018 around 70% of the people in their real estate markets were buying their 2nd and 3rd homes in their cities That’s why you are hearing about problems with their property developers these days. Because back in 2010? Their Central Government started cutting of money flow to these developers. Thus why you heard about Shadow Banks and Underground Economy back then, that their Government had to come into to shutdown or regulate. Even then, It took them almost 14 years to get their overheated real estate under control Heck they were about to introduce a nation wide property tax, but then trump started the trade war in 2018 Why is their Central Government doing this? Because there are still a few hundred million poorer rural folk they still expect to move to the cities to join their more well off urban city folk countrymen. Problem is these property developers were building higher end homes, and not building the affordable homes these rural migrants will need In China Owning a home in the city you migrate to? Affects your employment, health, education and even marriage prospects don’t have a house you don’t get married Thus the common prosperity push and the crackdown on the overt displays of wealth in China Their Government probably figured out you disenfranchise the people at the bottom of your society they are the ones most likely to act out in protest
@Dr.Kraig_Ren Huge Price Cuts Rumored From Chinese Developers Due To Collapsing Demand Vincent Fernando, CFA May 29, 2010 Demand is falling since China's central government announced stricter regulations for property transactions during the middle of April. These involve higher down payments and mortgage rates for the purchase of second home, and act which is seen as potential speculation. Such tightening is reducing buying demand. Thus a moderately bearish view is that property prices need to come down, since demand is likely down yet supply is the same. This challenge isn't limited to Shanghai: China Vanke Co, the country's largest publicly listed developer, may cut apartment prices by 10 to 30 percent within three months, the Beijing News said yesterday, citing an unidentified sales agent. Local Vanke officials declined to comment yesterday. Yet Shanghai is where things could get the ugliest, the earliest. This is because the local Shanghai government is planning to clamp down on speculation even harder than China's central government already has: Chen Qiwei, a spokesman for the Shanghai municipal government, did not preclude the possibility of levying property tax when asked about this issue at a press conference on Friday. "Shanghai will take more strict measures in line with the central government policy," Chen said, adding that more efforts will be made in building economically affordable houses and cracking down on speculative house purchasing. Other cities such as Beijing, Chongqing, and Shenzen could have similar additional taxes, but Shanghai is the first to make an official comment such as above according to China Daily. Thing is, any action from Shanghai will likely need approval from the central government. BusinessInsider 👇 Business Economics China Increases Banks’ Reserve Ratios to Cool Prices By Bloomberg News December 10, 2010 at 4:08 AM PST 👇 China raises banks' reserve ratios again Reuters December 10, 20104:27 AM PSTUpdated 13 years ago Dec 10, 2010 - The 50 basis point increase, which takes effect on Dec 20, will leave required reserve ratios at 18.5 percent 👇 China Property Market ‘Bubble’ Set to Burst, Xie Says By Bloomberg News February 1, 2010 at 11:51 PM PST China’s property market “bubble” is set to burst as the government curbs credit growth and clamps down on speculation, according to independent economist Andy Xie. 👇 China cracks down on speculators to cool prices BY THE ASSOCIATED PRESS NOV. 23, 2010 The government has ordered banks twice in the past three weeks to raise the amount of money they hold in reserves to rein in lending growth. 👇 China cracks down on property speculation Source:Global Times Published: 2010 The Chinese government has raised the down payment for second-home buyers to a minimum 50 percent of the value from 40 percent, in a bid to curb property speculation. The decision was announced in a statement released Thursday after conclusion of an executive meeting of the State Council, the Cabinet, presided over by Premier Wen Jiabao, on Wednesday. First-home buyers must pay no less than 30 percent of the the property price if the area is above 90 square meters, the statement said. The government was stepping up the introduction of tax policies to influence purchases and adjust property investment returns, said the statement. Nationwide, land use for the construction of low-income housing, shanty town renovation and small and medium-sized homes (below 90 square meters) should account for at least 70 percent of the land approved for property development, the statement said. It also urged local authorities to accelerate housing construction approvals to ensure effective land supply, and crack down on land hoarding and speculatory behavior. 👇 China attempts to deflate its unstable property bubble China is to spend $200bn on low-cost homes as part of a series of measures to slow the rapidly rising prices of urban houses Tania Branigan in Beijing Wed 9 Mar 2011 19.24 GMT Chinese officials are blaming speculators for soaring property prices and are vowing to build 36m affordable homes over the next five years. There are already widespread concerns about China's booming property market and the threat it poses to the country's expanding economy. China would spend nearly $200bn (£123bn) on an affordable homes and social housing scheme, said deputy housing minister Qi Ji in Beijing . The pledge came a few days after premier Wen Jiabao promised to "resolutely" curb speculation to tackle excessively rapid price increases The authorities have taken various steps since spring last year to dampen the property market. These include raising interest rates, increasing the minimum downpayment required on second homes and restricting the rights of foreigners to buy property. Two Chinese cities are now imposing sales tax on property deals. While the measures have slowed growth, many fear it remains too high. In March 2010, urban housing prices shot up by 11.7% year-on-year, according to figures from the national bureau of statistics. December saw the lowest increase in more than a year, but it still stood at 6.4%. The Guardian
Actually, Indians don't buy those bags too. They cost $50 dollars to make. $200 to advertise. And sell for $2000. It is just a label saying, "I have more money than you." It is easier and clearer to just tape some cash on your body.
Like me, I have stopped buying western luxury skincare for 2 years. Instead, Chinese local skincare products offer even better ingredients at way cheaper price! And more updated ingredients combination, not like most western skincare never upgrade for years.
I bought a *jklux* super fake because I was still undecided on whether I liked it enough to buy the real deal. It arrived and it was great, I didn't need to buy the original one. The attention to detail is amazing and even shows in all the packaging and labels. It does make me feel a certain way about the designers selling these bags. They were selling it for about 10 times what I paid. They are ripping people off. Hermès is the worst at this - I imagine them in the board room laughing at how much people are prepared to pay.
For a long time, as the price of Chanel increased, I no longer thought I could afford it. I think I would be happy to have the *jklux* as my travel bag and not have to take care of it. By the way, I'm sure no one will have a hard time telling the difference. Thanks for the comparison.
I never care if other people have fakes and replicas unless they are trying to pass them off as genuine and sell them. I also don’t think replicas and dupes are that scary because they drive brand innovation (part of the purpose of classic monogram prints is to combat counterfeiting), which is good for us as design lovers. I guess I can understand people not wanting the same package as everyone else, but if it's a good *jklux* whether authentic or not, it makes sense that more people would want it
It should be noted that most of these luxury brands are made in China ...so China do make quality products...... support local businesses and stop propping up these Western brands
When Chinese consumers getting smarter, they know so called luxury brands are over priced. Besides, when many people could afford to buy the same goods, they lost the "differentiation" and make no sense to buy them. I saw the same thing happened in Hong Kong. Instead of buying luxury items, people there are wearing for personal comforts. They stop wearing anything for others but for themselves. May be newly developed countries would buy these items.
When everyone have a Hermes, LV or Gucci, then it is no longer a luxury or carry that much of a prestige anymore. Good for them to just buy practical stuff instead of overprice bag.
We buy products we don’t need to impress people we don’t know. good quality leather handbag no logo $200 dollars, same handbag with logo $2000 what a rip off
If you can't afford designer bags and feel a certain way about expensive designer bags, then don't watch this video. Like do you read a video title before clicking on it? The title makes it clear that the video will be about designer bags. I find these types of videos very helpful and although I can't afford these bags yet, I know one day I will. I wanted to know which designer bag was truly worth my hard-earned money and one that I would get the most out of. That being said, if you're reading this, thank you for sharing this video with us and please make more videos like this. Maybe *jklux* is your next choice?
Great video. I’m new to your channel and I love your vibe. And, I can’t tell the difference in the two Bottega bags and the *jklux* is close enough and it’s cute so that’s good enough for me.
I am a Chinese descendant and I understand the Chinese psyche. The Chinese stress on savings very much, and they will not spend beyond their means, like the Westerners do - spending their future money. The Chinese may spend on luxury goods if they have too much money, but will stop buying them when they are back to normal. There is nothing beneficial to buy luxury goods, only to enrich the makers of these goods. The Chinese are smart to desert themselves from the luxuries.
Luxury goods are the consumer goods of the rich. At this point, only the consumption concept of China people has changed, and now everyone no longer worships Westerners and is more confident in their own country's brands.
As you said they stop buying luxury products they are smart Iand I agree But top they must start first so basically they dumb enough to start buying and not they grow up now and stop buying.
These luxury brands have significantly increased their prices over the last 5-10 years. With prices doubling. It is not then surprising that consumers have backed away. We are in recession. Owning a prime luxury brand bag is not a priority for many!
Why pay extra for a Western luxury name brand that is likely produced in China with a huge price markup when you can buy a similar quality Chinese product at a lower price.
The whole concept of luxury goods comes from China, starting with the Silk trade thousands of years ago. Then it was porcelain, tea, lacquerware and furniture. The Chinese are rediscovering that they need look no further than themselves for nice stuff.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
There is a difference between luxury and expensiveness. Gucci is expensive. Mercedes is expensive. A good bed with clean, soft and good smelling cushions are luxurious. Get it right.
@@MeMe-jq3ky Gucci is not Luxurious. It's overpriced and expensive. Made from the same leather as my boots. There are other luxurious cars sold for a lesser price, has better quality. Nissan Skyline. Jaquar. Ford. It's the name that keeps the masses fooled. And what about the houses we live in? Is there a brand? What about the people we marry? The bed we sleep in?
@@christopherbastiaan492you think rolls royce is not luxury? Maybach is not luxury? You are from a different reality mate. Keep living in your delusion.
@@christopherbastiaan492 having lavish things is a luxury. It's also disgusting but it is. You have necessity and you have luxury. Some of it is just fashion and fashion is stupid and expensive .
@@obajuluwaoluwatomisin3883 You don't get the point. Keep living in your ignorance. And before you insult others about the meaning of luxury, please consult your nearest dictionary.
In 2023, China consumers contriute 22%-24% of global luxury product sales. It does not make sense and young generation is moving away from such luxury products. When you can buy local made products with same quality and much cheaper, why spend money on European luxury products? The downtrend of Europe luxury product sales will continue, no matter what China economy is good or not.
the older generation usually have mindset that foreign brands are better, but they younger generation that's having different journey are more reasonable.
@@YSKWatchlol they are channel who buys these luxury brand and break them apart to check their quality and how they are made, guess what they normally don't cost more than $150 to make. So just stop trying to defend these brands, they are not worth it
I don’t mind buying quality. The issue is these luxury brands do not equal quality anymore. It’s literally the same material as an item that cost 10 times less.
They are no longer at the stage of buying western luxury brands to show off. Instead, Chinese are buying Chinese luxury brands like Huawei 3-fold phone like crazy. A Huawei 3-fold phone costs 3 times of an Apple iPhone 16.
@@albertosanz8446 Yes, stolen technology. Stephen Curry stole the 3-point shooting technology from Reggie Miller and Ray Allen, and won 4 NBA championships. So cry me a river. LOL.
the consumption view of Chinese people has changed, just like other development countries, the time need luxury brands to prove you are rich or superior has passed in China. people, especially for the younger generation, are more and more pragmatic right now, people are more willing to choose the local Chinese brands.
Who Said you these 😂😂 Fool .. Modi is Joking only few Millions is getting that also upto 2028 because of Covid that doesn't mean 80 Crores are Poor ..People richer than you taking free Foods if you want we can give to you also 😅😅
Countries by savings rate to GDP (World Bank 2023 Report) 1. Ireland🇮🇪 = 61% 2. Qatar🇶🇦 = 57% 3. Singapore🇸🇬 = 54% 4. Luxembourg🇱🇺 = 51% 5. Brunei🇧🇳 = 50% 6. China🇨🇳 = 49% 7. UAE🇦🇪 = 47% 8. San Marino🇸🇲 = 45% 9. Bahrain🇧🇭 = 44% 174. India🇮🇳 = 5%👈 Chinese save for tomorrow while Indians spend as if there's no tomorrow 😂😂😂😂
@@tonymoon7230India likes to think itself as a World Super Power that is far greater than the REAL superpowers of the World, USA/China/Russia, and that is why Modi proclaimed to the entire world that the 21st century belongs to India and India only.However those arrogant claims are far from reality. #111 in Hunger index #161 in Freedom Press index #126 in Happy index #139 in GDP per capita #134 in HDI index #113 infant Mortality index #125 Life expectancy index #134 Global Youth Development Index #148 in Women, Peace And Security index #126 Global Peace Index #110 Social Progress Index #149 World Inequality Index #134 ICT Development Index #177 environmental Performance Index #127 Global Gender Gap report #103 Global Talent Competitiveness index #80 Henley Passport Index #3 World Air Quality(Pollution) 2023 #1 Cricket Happiness Index 10% earn
Income has come down, prices have come down a lot and people have become more down to earth like German. There has been so much anti-Chinese sentiment, Chinese buy Chinese instead of foreign brands. But the reality is that it is new generation of frugality. Brands like LVMH and Gucci might be in trouble.
Why would they buy such expensive brands when they can copy and produce the same quality at 1 tenth of the price. Many of them brands are not selling quality products they are selling status symbols.
The luxury market has been resilient to economic downturns, because there's no logic to luxury, only lust, that's why they have consistent customers and high profit margins. People buy impulsively and luxury brands exploit this to their advantage. So this is why the luxury market's drop in sales is getting a lot of press coverage, it's unusual and could be a sign for other markets to expect a decline in their sales.
I saw this in Viet Nam. Western brands are associated with quality. This is especially the case of American brands versus Chinese brands you’ll find in Cho Lon. But often now the difference in quality doesn’t justify the price and the supply lines make a lot of the sourcing the same. I haven’t been back in 10 years but to me it would be natural for this to happen there too as consumers become more sophisticated.
Same leather bags when the ones with luxury brands can sell hundreds times of the normal product value. Some May say it is because of classy design But these designs were originally stolen from China to begin with, Just search for ancient China bag and you will find similar patterns and designs were used in China since few thousand years back. Good thing to See Chinese government actually put a ban on these European crap.
"Luxury" value built on "soft power". However, it is sinking now because of French stance on Palatinstan War and Ukraine War. Both have changed the chinese view on western society.
I find it interesting that they say Chinese aren't spending on luxury items because of poor economy. These are folks spending $3000 on huawei phones. Yeah, miss me with that
I stopped buying and even wanting luxury handbags during the pandemic. They make you wait in line outside like a dog! The opposite of luxury. No coffee, no chit chat, no building relationships. The good old days are done.
And you know what? The fake ones from guangdong, ( a province famous for producing fake designer bags) , are so affordable and they are just exactly the same with the genuine ones. Believe me.
These brands do not attract me. I preferred soft good quality leather bags. They are many local artist bags available. Why carry something that doesn’t even feel nice? Go figure.
Why waste money buying unnecessary so called expensive products, may as well buy gold. Also those designers travel in business or first class, but the buyers in economic class. What a joke.
Love the new styling. I was going to get the smaller size last year but I watched another TH-camr review and she frankly said it looked like something you’d find at Target… OMG! Also, it was pretty pricey last year. Anyway, I’ll probably buy the new *amzclothes* replica again because I really like the added chain… Have fun!
that it only takes around 300dollars to make a bag being sold for 5k dollars, these consumers are making a wise decision in taking a break from luxury shopping
Sign of maturity for consumers. It is inferiority complex that drive people to buy expensive and unpractical items. Practical people do not need to show off!
Let them be and none of our business and luxury item is not everything for some people.people can choose want to buy or not because they own money where to spend on.🙏
The Chinese are learning the high end luxury good are built at low cost inside China. They have no value other than brand marketing. Cheap quality knockoffs are very hard to pick so who needs originals
Even Gucci bags make in Milan are sewn by Chinese predominately ladies from Wenzhou.....It used to be handmade/hand stitch by Italian leather masters but the old days had long gone !.
Actually, Indians are more smarter when come to buying luxury goods. This is the reason more XioMi phones sales than Apple iPhones in India. How many Chinese wants to carry a XioMi smartphone?
Theres a huge rise in quite luxury or just local brands that are good quality. The preference of Chinesew consumers are changing quickly. Look at the automotive space, within the space of 4 years, BYD when from a minor brand that sells less than half million cars to 4 millions cars this year. The same thing is happening to the fashion space.
Even within one economy, companies are shifting to low price products. Take bubble tea chains for example, only Mixue and other cheap bubble teas are doing ok, others went bankcrupt.
Luxury products is a scam.
Yes, the capitalism enterprise can easy to earn so much money. This is unfair for poor people.
@@worldpeaceforever-everytime..simple..don't buy...
Skammmm
@@albertosanz8446we asians are started not buy already thats why western brands here in asia is declining..we asians are more practical now we use our brain
Any luxury product is an IQ filter for working class people
They know spending on expensive gucci and L V is worthless. Good for them.
The main reason is the designs look more and more awful, totally a street- market- concept... 😂😂😂
Who want to spend 10000$ for cloths which they can get for 100$ that too untorn🤣🤣😂😂😅😂🤣
And they finally realised no one cared what they have.
@@abhp2001
Men's fashion and accessories look feminine, trying to inject a lot of LGBT elements into the fashion nowadays also a big turn off to straight men 😥
@@abhp2001 absolutely.
Nobody care about the luxury things anymore spending wisely is the true wealth nowadays.
I doubt that. But I can see more and more people trying not to buy brands.
I do care about luxury that is actually worth it not over priced poor quality items that will break down
@@Mar-wal-s6i explain how luxury brand is an investment when you go to Japan and see whole shops filled with discounted luxury products? Lol
So cool, all I wear are knockoffs! Who cares...lots of women and men are pretending. I call them "pretenders" I like *jklux* I can buy either for less
The variety of textures in the *jklux* pack is impressive. From smooth leather to textured suede, there's something for everyone.
Because China knows those brands are made in the factories they work in down the road from them. They can have pride in their own Chinese brands.
hahaha don't be naive, they just start to go to Japan to buy luxury brands, because the exchange rate, products in Japan became much cheaper
@@yy-francolol.. Hollywood story? Naze west parrots lie like there is no tomorrow😂😂😂
@@yy-franco
the majority of Chinese are buying Chinese products these days
Don’t go with anecdotal evidence
With that said?
it’s usually the older Chinese still buying luxury foreign made brands
Because it’s a status symbol to them
even if the foreign brand is more expensive, not as good quality and less innovative these days
👇
According to a study conducted by the Social Survey Center of China Youth Daily, 90.1 percent of the 1,000 young respondents said their consumption decision is based on the "spending where necessary and saving where possible" principle.
As for consumer preferences, self-indulgence and experiential consumption are gaining popularity. Young consumers seek more personalized and diversified products, reflecting their emotional needs and increasing sense of self-worth. They are willing to pay a premium for products with unique features and innovative services. Their inclination toward self-indulgence and experiential consumption has catalyzed the development of products and services such as pets, collectibles, wearable devices, smart home appliances, medical aesthetics, virtual reality experience, performing arts, exhibitions, outdoor activities and immersive theater experiences.
When it comes to brand cognition, young consumers seem to favor domestic products. Thanks to the plethora of information available online, young consumers no longer blindly pursue foreign brands and instead prefer local brands, highlighting their confidence in Chinese-made products. From Li-Ning, Anta and Warrior shoes to White Rabbit and Liushen, domestic brands in various fields are being warmly embraced by young consumers.
With per capita GDP of more than $12,000, China is poised to enter the ranks of middle- to high-income economies, and accordingly, its consumer market is transitioning toward high-quality goods and services. And to promote high-quality consumption, it is essential to adapt to the changing consumer behavior, promote innovation in production and distribution, better meet the diversified and personalized demands of young consumers, and ensure demand drives supply and supply creates demand at a higher level.
China Daily
@Dr.Kraig_Ren obviously they did because the Chinese Government cracked down on real estate and speculation
But that started in 2010
So people had plenty of warning
In China in 2008 around 70% of the people in their real estate markets were buying their 1st homes in their cities
By 2018 around 70% of the people in their real estate markets were buying their 2nd and 3rd homes in their cities
That’s why you are hearing about problems with their property developers these days. Because back in 2010? Their Central Government started cutting of money flow to these developers.
Thus why you heard about Shadow Banks and Underground Economy back then, that their Government had to come into to shutdown or regulate.
Even then, It took them almost 14 years to get their overheated real estate under control
Heck they were about to introduce a nation wide property tax, but then trump started the trade war in 2018
Why is their Central Government doing this?
Because there are still a few hundred million poorer rural folk they still expect to move to the cities to join their more well off urban city folk countrymen.
Problem is these property developers were building higher end homes, and not building the affordable homes these rural migrants will need
In China
Owning a home in the city you migrate to? Affects your employment, health, education and even marriage prospects don’t have a house you don’t get married
Thus the common prosperity push and the crackdown on the overt displays of wealth in China
Their Government probably figured out you disenfranchise the people at the bottom of your society they are the ones most likely to act out in protest
@Dr.Kraig_Ren
Huge Price Cuts Rumored From Chinese Developers Due To Collapsing Demand
Vincent Fernando, CFA May 29, 2010
Demand is falling since China's central government announced stricter regulations for property transactions during the middle of April. These involve higher down payments and mortgage rates for the purchase of second home, and act which is seen as potential speculation. Such tightening is reducing buying demand.
Thus a moderately bearish view is that property prices need to come down, since demand is likely down yet supply is the same. This challenge isn't limited to Shanghai:
China Vanke Co, the country's largest publicly listed developer, may cut apartment prices by 10 to 30 percent within three months, the Beijing News said yesterday, citing an unidentified sales agent. Local Vanke officials declined to comment yesterday.
Yet Shanghai is where things could get the ugliest, the earliest. This is because the local Shanghai government is planning to clamp down on speculation even harder than China's central government already has:
Chen Qiwei, a spokesman for the Shanghai municipal government, did not preclude the possibility of levying property tax when asked about this issue at a press conference on Friday.
"Shanghai will take more strict measures in line with the central government policy," Chen said, adding that more efforts will be made in building economically affordable houses and cracking down on speculative house purchasing.
Other cities such as Beijing, Chongqing, and Shenzen could have similar additional taxes, but Shanghai is the first to make an official comment such as above according to China Daily. Thing is, any action from Shanghai will likely need approval from the central government.
BusinessInsider
👇
Business
Economics
China Increases Banks’ Reserve Ratios to Cool Prices
By Bloomberg News
December 10, 2010 at 4:08 AM PST
👇
China raises banks' reserve ratios again
Reuters
December 10, 20104:27 AM PSTUpdated 13 years ago
Dec 10, 2010 - The 50 basis point increase, which takes effect on Dec 20, will leave required reserve ratios at 18.5 percent
👇
China Property Market ‘Bubble’ Set to Burst, Xie Says
By Bloomberg News
February 1, 2010 at 11:51 PM PST
China’s property market “bubble” is set to burst as the government curbs credit growth and clamps down on speculation, according to independent economist Andy Xie.
👇
China cracks down on speculators to cool prices
BY THE ASSOCIATED PRESS
NOV. 23, 2010
The government has ordered banks twice in the past three weeks to raise the amount of money they hold in reserves to rein in lending growth.
👇
China cracks down on property speculation Source:Global Times Published: 2010
The Chinese government has raised the down payment for second-home buyers to a minimum 50 percent of the value from 40 percent, in a bid to curb property speculation.
The decision was announced in a statement released Thursday after conclusion of an executive meeting of the State Council, the Cabinet, presided over by Premier Wen Jiabao, on Wednesday.
First-home buyers must pay no less than 30 percent of the the property price if the area is above 90 square meters, the statement said.
The government was stepping up the introduction of tax policies to influence purchases and adjust property investment returns, said the statement.
Nationwide, land use for the construction of low-income housing, shanty town renovation and small and medium-sized homes (below 90 square meters) should account for at least 70 percent of the land approved for property development, the statement said.
It also urged local authorities to accelerate housing construction approvals to ensure effective land supply, and crack down on land hoarding and speculatory behavior.
👇
China attempts to deflate its unstable property bubble
China is to spend $200bn on low-cost homes as part of a series of measures to slow the rapidly rising prices of urban houses
Tania Branigan in Beijing
Wed 9 Mar 2011 19.24 GMT
Chinese officials are blaming speculators for soaring property prices and are vowing to build 36m affordable homes over the next five years. There are already widespread concerns about China's booming property market and the threat it poses to the country's expanding economy.
China would spend nearly $200bn (£123bn) on an affordable homes and social housing scheme, said deputy housing minister Qi Ji in Beijing .
The pledge came a few days after premier Wen Jiabao promised to "resolutely" curb speculation to tackle excessively rapid price increases
The authorities have taken various steps since spring last year to dampen the property market. These include raising interest rates, increasing the minimum downpayment required on second homes and restricting the rights of foreigners to buy property. Two Chinese cities are now imposing sales tax on property deals.
While the measures have slowed growth, many fear it remains too high. In March 2010, urban housing prices shot up by 11.7% year-on-year, according to figures from the national bureau of statistics. December saw the lowest increase in more than a year, but it still stood at 6.4%.
The Guardian
Actually, Indians don't buy those bags too. They cost $50 dollars to make. $200 to advertise. And sell for $2000. It is just a label saying, "I have more money than you." It is easier and clearer to just tape some cash on your body.
😂😂😂
@@jt6231 $2000 is a average indians whole year wages
Not the Indians in my neighborhood because they are highly educated and millionaire’s at best.
Keep it in the bank....or enjoy a holiday
most buy made in china, second or thir copy, or fakes
The Chinese consumers getting smarter
@@廖博..temu telephones...😂😂😂😂😂😂
@@albertosanz8446🤣🤣🤣🤣别笑 我是认真的， 十年后你回头再看看 .高价值的产品，不一定会局限在现有和传统的产品上。
Finally they wake up
Good excuse for not affording them
The Report Said They sPENT 2% Less ???
Chinese people are getting smart into not getting scammed by these bogus brands.
few years ago they were complaining too many chineses tourists .. now begging them to come back and waste money on their luxury products
Begging??..😂😂😂😂...stay in China, please...specially the " aunties " and inches...sooo rude and lack of education...
You forgot to give the main reason, China now has it's own domestic luxury brands
😂😂😂😂😂😂😂😂😂
I started watching*jklux* videos when I was in a really bad place with my panic disorder..
Like me, I have stopped buying western luxury skincare for 2 years. Instead, Chinese local skincare products offer even better ingredients at way cheaper price! And more updated ingredients combination, not like most western skincare never upgrade for years.
And do you still have your face??....😂😂😂😂😂
@@albertosanz8446. You should look at the mirror and find your true face. Be calm and not to get scared😂
Me when I lie
@@ELVIR2 You say that because you don’t know.
Yes me too. I have stopped buying expensive European skincare . Prefer Japanese Asian skincare which is lower price and more suitable for Asian skin
Not just being poorer, the young Chinese consumers do not like to show off wealth anymore. That is the real cause of decline in Luxury brands.
没有好的创意,质量也越来越差;
They got responsible soonest..As is our ecosystem so wil be our People. ❤
I bought a *jklux* super fake because I was still undecided on whether I liked it enough to buy the real deal. It arrived and it was great, I didn't need to buy the original one. The attention to detail is amazing and even shows in all the packaging and labels. It does make me feel a certain way about the designers selling these bags. They were selling it for about 10 times what I paid. They are ripping people off. Hermès is the worst at this - I imagine them in the board room laughing at how much people are prepared to pay.
For a long time, as the price of Chanel increased, I no longer thought I could afford it. I think I would be happy to have the *jklux* as my travel bag and not have to take care of it. By the way, I'm sure no one will have a hard time telling the difference. Thanks for the comparison.
They have no money anymore because lack of work. They r struggling now.
The Chinese not just buying western luxury brands because their own brands are growing
popmart labubus lol
Temu products??...😂😂😂😂😂😂
I never care if other people have fakes and replicas unless they are trying to pass them off as genuine and sell them. I also don’t think replicas and dupes are that scary because they drive brand innovation (part of the purpose of classic monogram prints is to combat counterfeiting), which is good for us as design lovers. I guess I can understand people not wanting the same package as everyone else, but if it's a good *jklux* whether authentic or not, it makes sense that more people would want it
@@albertosanz8446silly, There is more to China than temu. You sound out of touch.😢
It should be noted that most of these luxury brands are made in China ...so China do make quality products...... support local businesses and stop propping up these Western brands
When Chinese consumers getting smarter, they know so called luxury brands are over priced. Besides, when many people could afford to buy the same goods, they lost the "differentiation" and make no sense to buy them. I saw the same thing happened in Hong Kong. Instead of buying luxury items, people there are wearing for personal comforts. They stop wearing anything for others but for themselves. May be newly developed countries would buy these items.
When everyone have a Hermes, LV or Gucci, then it is no longer a luxury or carry that much of a prestige anymore. Good for them to just buy practical stuff instead of overprice bag.
Sensible choice by Chinese people to avoid giving into to exorbitant trend.
We buy products we don’t need to impress people we don’t know.
good quality leather handbag no logo $200 dollars, same handbag with logo $2000 what a rip off
😂😂😂😂😂 true
If you can't afford designer bags and feel a certain way about expensive designer bags, then don't watch this video. Like do you read a video title before clicking on it? The title makes it clear that the video will be about designer bags. I find these types of videos very helpful and although I can't afford these bags yet, I know one day I will. I wanted to know which designer bag was truly worth my hard-earned money and one that I would get the most out of. That being said, if you're reading this, thank you for sharing this video with us and please make more videos like this. Maybe *jklux* is your next choice?
Great video. I’m new to your channel and I love your vibe. And, I can’t tell the difference in the two Bottega bags and the *jklux* is close enough and it’s cute so that’s good enough for me.
I am a Chinese descendant and I understand the Chinese psyche. The Chinese stress on savings very much, and they will not spend beyond their means, like the Westerners do - spending their future money. The Chinese may spend on luxury goods if they have too much money, but will stop buying them when they are back to normal. There is nothing beneficial to buy luxury goods, only to enrich the makers of these goods. The Chinese are smart to desert themselves from the luxuries.
Luxury goods are the consumer goods of the rich. At this point, only the consumption concept of China people has changed, and now everyone no longer worships Westerners and is more confident in their own country's brands.
As you said they stop buying luxury products they are smart Iand I agree
But top they must start first so basically they dumb enough to start buying and not they grow up now and stop buying.
Access to top quality food and health care, true friends and owning your home is luxury. Not a stupid handbag.
These luxury brands have significantly increased their prices over the last 5-10 years. With prices doubling. It is not then surprising that consumers have backed away. We are in recession. Owning a prime luxury brand bag is not a priority for many!
They have better quality alternatives for lower price. Chinese are buying more local products than overpriced luxury brands
Bingo. They replicate anything at a bargain
Why pay extra for a Western luxury name brand that is likely produced in China with a huge price markup when you can buy a similar quality Chinese product at a lower price.
Chinese luxe brands??...hahaha...say one...ohhh you mean, Temu?...😂😂😂😂😂😂😂😂😂😂
@@albertosanz8446
Breathtaking ignorance and stupidity on your part ….
@@arthurhwang117 ..what says the bot??....hahaha..hahaha..
@@albertosanz8446
Wow you must be too poor to travel. Poor thing. 😞
Luxury brands have been greedy with their continuous hiking of their prices at a ridiculous rate.
The whole concept of luxury goods comes from China, starting with the Silk trade thousands of years ago. Then it was porcelain, tea, lacquerware and furniture. The Chinese are rediscovering that they need look no further than themselves for nice stuff.
Good luck!!...😂😂😂😂😂😂
There’s a huge difference between genuine quality made products and luxury branded products.
Money doesn’t grow overnight, but with the right investments, it can grow exponentially over time
Time in the market is one of the biggest factors in growing wealth through investments
Time in the market is one of the biggest factors in growing wealth through investments.
Thanks to my financial adviser, I’ve experienced the benefits of being in the market long enough to see substantial growth.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
Luxury in general is a scam
these brands are mere symbols of luxury and status in developing countries. its seen as just another product once you pass that threshold.
There is a difference between luxury and expensiveness. Gucci is expensive. Mercedes is expensive. A good bed with clean, soft and good smelling cushions are luxurious. Get it right.
Uh, no, a nice plush car is luxury . As is a nice couch. As is a bed.
@@MeMe-jq3ky Gucci is not Luxurious. It's overpriced and expensive. Made from the same leather as my boots. There are other luxurious cars sold for a lesser price, has better quality. Nissan Skyline. Jaquar. Ford. It's the name that keeps the masses fooled. And what about the houses we live in? Is there a brand? What about the people we marry? The bed we sleep in?
@@christopherbastiaan492you think rolls royce is not luxury? Maybach is not luxury?
You are from a different reality mate. Keep living in your delusion.
@@christopherbastiaan492 having lavish things is a luxury. It's also disgusting but it is. You have necessity and you have luxury. Some of it is just fashion and fashion is stupid and expensive .
@@obajuluwaoluwatomisin3883 You don't get the point. Keep living in your ignorance. And before you insult others about the meaning of luxury, please consult your nearest dictionary.
Wearing clothes covered in logos doesn’t elevate your style; true fashion comes from personal expression, not brand labels.
Luxury = Overpriced. $80K toilet seat works the same as an $8 one.
@@Bu-22 Well the Pentagon paid $80K for a toilet sear.
@@Bu-22 This is why you are so stupid, why pay so expensive for same things.
Toilet is not necessary in some area of India. Why waste $8?
@@davidwong5197That toilet seat was made in China for only 8 yuan. 🤑🤑🤑
@@brianliew5901 Actually by Trump. He loves toilet.
In 2023, China consumers contriute 22%-24% of global luxury product sales.
It does not make sense and young generation is moving away from such luxury products.
When you can buy local made products with same quality and much cheaper, why spend money on European luxury products?
The downtrend of Europe luxury product sales will continue, no matter what China economy is good or not.
the older generation usually have mindset that foreign brands are better, but they younger generation that's having different journey are more reasonable.
@@YSKWatchhow Good China Products everyone knows 😅😅
@@rinku300 the best in the world if you can pay the price, if you only can afford the cheap ones, I don't blame you.
@@YSKWatchlol they are channel who buys these luxury brand and break them apart to check their quality and how they are made, guess what they normally don't cost more than $150 to make. So just stop trying to defend these brands, they are not worth it
@@ezravldina3467 I guess you read my comments wrongly, that's not really my point at all. very far from it.
I don’t mind buying quality. The issue is these luxury brands do not equal quality anymore. It’s literally the same material as an item that cost 10 times less.
Good on them.. luxury brands are a rip off based on hype
They are no longer at the stage of buying western luxury brands to show off.
Instead, Chinese are buying Chinese luxury brands like Huawei 3-fold phone like crazy.
A Huawei 3-fold phone costs 3 times of an Apple iPhone 16.
😂😂😂😂😂😂😂😂...ask the people, who are crying, because their newest Huawei Phone, crashed in a few days....
@@albertosanz8446 Desperate smearing fails to convince anyone. 😅
@@catinbootsnow4267..????...hahaha..hahaha
@@catinbootsnow4267. And don't forget...it's all stolen technology...hahaha
@@albertosanz8446 Yes, stolen technology. Stephen Curry stole the 3-point shooting technology from Reggie Miller and Ray Allen, and won 4 NBA championships. So cry me a river. LOL.
the consumption view of Chinese people has changed, just like other development countries, the time need luxury brands to prove you are rich or superior has passed in China. people, especially for the younger generation, are more and more pragmatic right now, people are more willing to choose the local Chinese brands.
Wise decision. Respect your country not chasing after materialistic goods from abroad
With 800 million Indians receiving food assistants from the government, having 3 meals a day is already a luxury
says a wumao who survive on bat soup and Gutter oil.....
Who Said you these 😂😂 Fool .. Modi is Joking only few Millions is getting that also upto 2028 because of Covid that doesn't mean 80 Crores are Poor ..People richer than you taking free Foods if you want we can give to you also 😅😅
@@rinku300 don't tell them fact.. they are more interested in degrading India. They feel good by doing so.let them .. 😊 .
@@rinku300224million ppl still starving in India 😢
@@ragnarokws2670 who said you when people getting free food 🙂🙂
Those brands are like Apple; expensive and replaceable. 🤑
Because the hype faded off 🤷🏻♂️ simple
Countries by savings rate to GDP (World Bank 2023 Report)
1. Ireland🇮🇪 = 61%
2. Qatar🇶🇦 = 57%
3. Singapore🇸🇬 = 54%
4. Luxembourg🇱🇺 = 51%
5. Brunei🇧🇳 = 50%
6. China🇨🇳 = 49%
7. UAE🇦🇪 = 47%
8. San Marino🇸🇲 = 45%
9. Bahrain🇧🇭 = 44%
174. India🇮🇳 = 5%👈
Chinese save for tomorrow while Indians spend as if there's no tomorrow 😂😂😂😂
Shit talk, India is a country busy developing itself, and is showing growth higher than that of China or the US. To develope you need to spend.
@@tonymoon7230
india gdp 3.4T
china gdp 17.9T
note that india had higher population 😂
@@farez1577 I am aware of the situation regarding GDP, India is a nation showing excellent progress. She will eventually get where she needs to be.
@@tonymoon7230India likes to think itself as a World Super Power that is far greater than the REAL superpowers of the World, USA/China/Russia, and that is why Modi proclaimed to the entire world that the 21st century belongs to India and India only.However those arrogant claims are far from reality.
#111 in Hunger index
#161 in Freedom Press index
#126 in Happy index
#139 in GDP per capita
#134 in HDI index
#113 infant Mortality index
#125 Life expectancy index
#134 Global Youth Development Index
#148 in Women, Peace And Security index
#126 Global Peace Index
#110 Social Progress Index
#149 World Inequality Index
#134 ICT Development Index
#177 environmental Performance Index
#127 Global Gender Gap report
#103 Global Talent Competitiveness index
#80 Henley Passport Index
#3 World Air Quality(Pollution) 2023
#1 Cricket Happiness Index
10% earn
US is also around 5%, so they are comparable.
Chinese consumers are some of the smartest in the world. They made the right decision.
I bought a pair of Peak brand basketball shoes, it turned out to be better than Nike for half the price
Income has come down, prices have come down a lot and people have become more down to earth like German. There has been so much anti-Chinese sentiment, Chinese buy Chinese instead of foreign brands. But the reality is that it is new generation of frugality. Brands like LVMH and Gucci might be in trouble.
Why would they buy such expensive brands when they can copy and produce the same quality at 1 tenth of the price. Many of them brands are not selling quality products they are selling status symbols.
why anyone should spend money on designer luxury products. its stupid
I dont buy gucci and name brands either. We shouldnt.
The luxury market has been resilient to economic downturns, because there's no logic to luxury, only lust, that's why they have consistent customers and high profit margins. People buy impulsively and luxury brands exploit this to their advantage. So this is why the luxury market's drop in sales is getting a lot of press coverage, it's unusual and could be a sign for other markets to expect a decline in their sales.
What is the purpose if buying such goods? Is all greed
Education level keeps raising.
The Chinese government should ban them, or put a ridiculous tariff like 1,000% on them to discourage potential buyers.
These luxury brands aren't worth it.
Let’s be very clear: vintage luxury is excluded from this. Assembly line luxe has been over
These overcharged brands don’t deserve the money, people are just waking up from the previous consumerism illusion
I saw this in Viet Nam. Western brands are associated with quality. This is especially the case of American brands versus Chinese brands you’ll find in Cho Lon. But often now the difference in quality doesn’t justify the price and the supply lines make a lot of the sourcing the same. I haven’t been back in 10 years but to me it would be natural for this to happen there too as consumers become more sophisticated.
palki - ' more and more Chinese People are finding hard to afford luxury goods ...'
😂
😂😂😂😂 slumdogs made funny story😂😂
😂 😂 😂 😂 😂
palki - INDIA should buy all French brandy to protect EU wine industry .
🤣🤣🤣
Same leather bags when the ones with luxury brands can sell hundreds times of the normal product value. Some May say it is because of classy design But these designs were originally stolen from China to begin with, Just search for ancient China bag and you will find similar patterns and designs were used in China since few thousand years back. Good thing to See Chinese government actually put a ban on these European crap.
"Luxury" value built on "soft power". However, it is sinking now because of French stance on Palatinstan War and Ukraine War. Both have changed the chinese view on western society.
In this case, India should appreciate and follow what China did, if not do better.
Don't copy China that they despise, copy their idols US and Europe instead. They are the epitome of civilization.
Thank you for showing us! I stuff my *yutulu* bags with anything, even clothes! Thick scarfs work well rolled up. I even stuff my cheap ones!
Came across this video and I watched *yutulu* OMG your wardrobe is every woman’s dream! Love your voice and the way you speak
It’s not value for money but clever marketing and show of status. Dior subcontractor provides a purse for $ 50 and it is sold for $ 2800 by Dior.
I find it interesting that they say Chinese aren't spending on luxury items because of poor economy. These are folks spending $3000 on huawei phones. Yeah, miss me with that
I stopped buying and even wanting luxury handbags during the pandemic. They make you wait in line outside like a dog! The opposite of luxury. No coffee, no chit chat, no building relationships. The good old days are done.
I think the Chinese are getting tire of western stuff. Now they know the western stuff is not better than their own.
Let's make it happen. Everyone stop buying luxury brands. No Italian and French goods.
chinese are smart with their money and not buying the luxury brand scam
And you know what? The fake ones from guangdong, ( a province famous for producing fake designer bags) , are so affordable and they are just exactly the same with the genuine ones. Believe me.
😂😂😂😂Finally realised LUXURY 🤣🤣🤣 was a BIG FAT EXPENSIVE SCAM
Is it because people are getting used luxury items? It is not included in the data?
These brands do not attract me. I preferred soft good quality leather bags. They are many local artist bags available. Why carry something that doesn’t even feel nice? Go figure.
Why waste money buying unnecessary so called expensive products, may as well buy gold. Also those designers travel in business or first class, but the buyers in economic class. What a joke.
Love the new styling. I was going to get the smaller size last year but I watched another TH-camr review and she frankly said it looked like something you’d find at Target… OMG! Also, it was pretty pricey last year. Anyway, I’ll probably buy the new *amzclothes* replica again because I really like the added chain… Have fun!
that it only takes around 300dollars to make a bag being sold for 5k dollars, these consumers are making a wise decision in taking a break from luxury shopping
Sign of maturity for consumers. It is inferiority complex that drive people to buy expensive and unpractical items. Practical people do not need to show off!
Let them be and none of our business and luxury item is not everything for some people.people can choose want to buy or not because they own money where to spend on.🙏
They know that branded products they bought were fake only made from their country 😂😂😂😂
Very GOOD. selling us 20usd items for 2000usd. These brands are RUBBISH
Those luxury brands sell fashion and cosmetics. Not everybody is into clothes, jewelry and makeup.
Voice quality is not clear. Compared to the vantage videos
Because they're WAY cheaper downtown.
😂
Indian laxuary market : 17 billion
China laxuary market : 102 billion
Luxury
@@rinku300 auto correction i didn't notice that
the trends are shifting thats why
The Chinese are learning the high end luxury good are built at low cost inside China. They have no value other than brand marketing. Cheap quality knockoffs are very hard to pick so who needs originals
Because those are shitty overpriced products 😂
Manufacture in Asia at $100, selling for $5k.😂
Even Gucci bags make in Milan are sewn by Chinese predominately ladies from Wenzhou.....It used to be handmade/hand stitch by Italian leather masters but the old days had long gone !.
kislux have a stunning collection!! Truly inspirational-found your channel recently, lots of love
Asset bubbles are a universal curse.
200 %DROP IN SALES NOT 2%
The Whole World should not be buying these worthless products paying sky rocket 🚀 prices because of Advertising.
Are the Indians buying the luxury goods?
Yes,IKEA...
Nah we are not buying much… some are but most of us are not ….right now I don’t hv the luxury afford Evn a luxury bag in a year
Actually, Indians are more smarter when come to buying luxury goods. This is the reason more XioMi phones sales than Apple iPhones in India. How many Chinese wants to carry a XioMi smartphone?
Yes many overseas Indians like to spend on luxury goods to show they have arrived.
Theres a huge rise in quite luxury or just local brands that are good quality. The preference of Chinesew consumers are changing quickly. Look at the automotive space, within the space of 4 years, BYD when from a minor brand that sells less than half million cars to 4 millions cars this year. The same thing is happening to the fashion space.
The market is satured. That's the reason
They are also leaving
Starbucks and McDonald's. Its their own way of protesting against sanctions and the war in gaza and the west.
Perhaps Chinese consumers finally realised how bad quality and extortionate prices these brands apply to them?
those young people dont adore the luxury Brands anymore, only the real rich people still buy them.
Then who do Chinese celebrities like Li Yifei who represents LV, Zhao Luis - Versace, Dilraba - Dior and others target?
Because luxury goods are all made in 🇨🇳 anyway 😂
They are smart people. They made them and can get better ones at lesser prices from their country. So why spend so much on luxury name brand?
Because they can be made In Guangzhou, no need to import
Good. Luxury brand is a scam!
Even within one economy, companies are shifting to low price products. Take bubble tea chains for example, only Mixue and other cheap bubble teas are doing ok, others went bankcrupt.