Here’s a report I read recently:
There’s a 20% increase in the spending on luxury items for children among Chinese parents this year compared to the last. They spend more than 3,000 yuan (USD $471) a month to pamper their children with elite brand items (i.e. Gucci Kids, Burberry Children, Baby Dior, Armani Junior).
It gets even more interesting: It’s estimated that the amount is going to hit 8,000 yuan (USD $1,255) per year by end of 2013 regardless of the income of the family. Given the current average income of China is at 21,800 yuan a year, the spending on luxury items is going to touch 36.7% of the income.
Oh boy, more than a third goes to luxury clothes and toys.
Make no mistake. I am not against the idea of buying designer brand items, if you can afford them. And if you buy them because of their high quality, comfort, durability, and design, I have no problems with that.
But if you are buying them because you want to show off to others or that’s the in thing to do, I don’t agree – even though you can afford them.
By doing so (to impress others), you are passing down a value which is dangerously unhealthy to your child. You are telling your child brand is everything and what you have inside of you is nothing.
More so if you are spending one third of your income just on these items.
You may not agree with me but these are my thoughts. With the money, we can buy other things which are more meaningfulâ€¦ instead of making those companies bigger and more voracious.
P.S. For more parenting tips that go against the grain, check out: