The evolution of premium brand consumption in China in the era of Xi Jinping: from mania to conscious consumption

This work is devoted to the study of the evolution of consumption of premium brands in China during the presidency of Xi Jinping. China has remained a closed country for a long time. It was only in the late 70s of the 20th century that the Chinese government began to pursue a policy of reform and openness. This led to the modernization of many areas of the country's life, in particular, the government began to develop and establish diplomatic relations with other countries. One of the important modernizations in Chinese society has been the formation of the middle class, which has become the country's new consumer force. During the years of Xi Jinping's rule, China's GDP grew annually, which only contributed to an increase in the number of representatives of an average-income society. With the development of the economy, Chinese requests for the purchase of goods from Western luxury brands also grew. During Xi Jinping's second five-year plan, China took 2nd place in the world ranking after the United States in terms of purchasing power in relation to luxury goods. Many luxury brands have started collaborating with Chinese online platforms to attract more interest among the public and increase their sales in China. However, the Covid-19 pandemic has made some adjustments to Chinese consumer behavior. Since 2019, the gochao trend has been actively supported, especially among the younger generation. This trend shows that the younger generation reflects the Chinese population's attitude towards their own culture, traditions and local brands. Many elements inherent in Chinese culture can be seen in clothing, cosmetics and appliances produced by domestic companies. The popularization of the gochao brands was greatly facilitated by Chinese influencer bloggers using social networks to attract attention to national brands. The pace of consumption of luxury brands remained high even in a difficult global economic situation, but many Chinese have reconsidered their attitude towards premium brands. For representatives of Generation Z, it is important that clothes reflect their identity, carry a certain message to the masses and set them apart from the crowd.