Following China's economic development, senior business executives have become China's big spenders on fashion products. They not only create wealth, but also exert important and not-to-be neglected influence on what is in vogue in society. Renowned magazine Chief Executive China released its latest survey to prove this point.
This survey collects its sample from Beijing, Shanghai, Guangzhou and Shenzhen, four of China's most economically advanced cities, with tens of thousands of enterprises in numerous lines of business. From its sample, the survey reaches an audience of senior business executives numbering a high of 342,000.
Survey results show that these business magnates on average control an annual budget of 1.95 million yuan (US$235,000) within their enterprises and exert great influence on their companies' purchasing decisions. On an average five-day workweek, they work almost ten hours a day.
Analyzing the frequency of their travels, more than half of these senior executives take business trips about once every quarter. Forty percent own cars and ninety percent own various types of insurance policies. The proportion of this group who plans to spend 6,000 yuan (US$725) per square meter or more on a flat in the coming year is almost tenfold that of ordinary people.
In addition, Chief Executive China also conducted a survey amongst its subscribers, from the end of 2004 to the beginning of 2005, on the subject of "Executives' product brand concepts and spending habits" which further proves the same points.
From its 1,226 samples, more than half of the managers that were polled thought that brands were important criteria in their purchase decisions regarding most fashion products.
What is most interesting is that the survey finds that more than 20% of those sampled own more than thirty pairs of shoes, one percent own more than thirty wallets/handbags and two percent own ten or more wrist watches. This illustrates that following the rise in income and expenditure levels, fashion items are no longer just for practical uses and that most business executives are beginning to pay attention to what is in vogue.
(Chinanews.cn May 12, 2005)
