By 2015, the fourth largest population of the world’s wealthy will live in China, according to research by Seeking Alpha/McKinsey.
China’s wealthy are young, with 80% under the age of 45, with travel having broadened their awareness of the sheer range of luxury goods on offer – but they still value function and want their luxury goods to be useful say to day.
Rather than one homogenous group, they fall into three main categories: the super-wealthy with incomes of over US$10million; upper-middle management and white collar workers with incomes of $US200million-300million a year; and office workers making around US$600 a month and who are happy to spend on luxury items.
This is a market that values both heritage and innovation and looks for quality throughout, prizing western-made goods over those made locally. Which opens up opportunities for luxury niche businesses to export to a growing wealthy population.
With a discerning market, the slightest translation error can undermine your customers’ perception of the quality you provide. As language specialists, we would urge you to fully support your proposition of high quality through your communications and, of course, to ensure that your translations support your brand’s emotional pull as well as convey factual information.