All posts by Jonathan Yao

Materialism, Taxes, and Politics 2016 – by Jonathan Yao

There has been a recent and burgeoning trend towards materialism in Chinese cultures, perhaps coinciding with recent economic booms. I witness this anecdotally whenever I walk down 5th Avenue in Manhattan and see a disproportionate number of Chinese people outside luxury retail stores. After perusing through some studies, I confirmed my intuitions and discovered that 68% of people from Chinese feel a lot of pressure to be successful and make money and that 71% of people from China are most likely to measure their success by what they own. Both of these numbers are the highest among all countries surveyed. Chinese consumers have now overtaken Americans to become the world’s largest buyers of personal luxury items.

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