Trendwatch 2014: Chinese Buyers To Take An Even Greater Role In The Luxury Market

iStock_000024456898LargeThe Chinese buyer is already a huge part of the luxury market but that segment is set to widen in 2014. Recently the Institute of Luxury Home Marketing ran a post predicting that the Chinese buyers will become an even bigger force in the United States. New York and Los Angeles are two of the major markets that the wealthy Chinese buyers are drawn to, partly because these are places they have seen in the media but also because their children are drawn to these areas. The blog post also cited major university towns as a draw for buyers who often look for a condo for their child. The EB-5 program, which provides a green card to those foreign nationals who invest $500,000 to create ten U.S. jobs is a major lure for buyers from China and around the world.

The luxury market in general is embracing the Chinese market strongly. Recently luxury brand conglomerate LVMH Moët Hennessy Louis Vuitton announced that they are have created an education program LVMH Fundamentals in Luxury Retail with the Chinese-American Planning Council (CPC) and Parsons The New School for Design to train qualified Chinese-American candidates for the luxury goods retail market. The program includes classroom education at Parsons and an internship in one of LVMH’s  retail stores and features training in fashion history and understanding consumer trends to retail operations, communications and teamwork skills.

Here at Rodeo Realty we’ve taken steps to communicate more effectively with Chinese buyers including partnering with Caimeiju to offer Chinese luxury property search. We also have agents who have worked extensively with Chinese buyers and understand the unique facets of working with this dynamic group of motivated and educated buyers.