Should I buy branded goods for my children?

The age of accessing branded goods is getting younger and younger.

Expensive Moncler winter coats have become the school uniform of "rich kids" in South Korea.

Amid low birth rates and economic recession, the children's luxury market in Asian countries such as South Korea, China, Vietnam, etc. is growing strongly. In 2023, sales of high-end children's fashion brands such as Fendi and Givenchy at Lotte Department Store increased by 10%, while at Hyundai Department Store, sales of Fendi and Dior increased by 27%.

High-end branded shoes worn by children of a Korean family

The "10-pocket" trend (parents, grandparents, aunts and uncles spending together on one child) is helping the children's luxury market in East Asian countries thrive, while more and more families have only one child or no children. The retail industry is targeting MZ (Millennials and Gen Z) parents with marketing campaigns aimed at "VIB " (Very Important Baby). In July 2024, the British newspaper Financial Times introduced the luxury consumption craze for children in Korea. Financial Times cited Euromonitor statistics saying that the children's luxury market in Korea has grown more than 5% in the past 5 years, behind only China and Turkey.

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In Eastern cultures, especially in Korea, China and Vietnam, where people are often concerned about the looks of others in a highly competitive environment, parents do not want their children to look ordinary so they buy branded goods for them. Most families with only one child are willing to buy branded goods for their children, which leads to the age of accessing branded goods getting younger and younger.

Luxury goods have become a good tool for this, says Lee Jong Kyu, head of the Italian fashion house Etro in Korea and former head of Dior Korea. Moncler winter coats have become school uniforms for teenagers. Classic versions of the coats retail for between $1,500 and $2,500 each.

"Giving children branded goods in the hope that in the future they will know how to make money well"

"For families with high incomes, it is normal for their children to be dressed in expensive, high-quality clothes," said Dr. Sam Nguyen, a psychologist.

Dr. Sam Nguyen said: "Letting children dress nicely is also a way for them to develop. Children who enjoy high-quality services will have higher ideas, aspirations, dreams, and goals. Dressing nicely also helps children develop aesthetic taste. Because no one can deny that branded goods are very beautiful and of high quality. As society develops, life must improve. I believe that no parent wants to pull their children back but direct them to look forward so that they themselves always strive and try to have the life they want.

A 5-year-old girl will never ask for a branded item. However, when she turns 6 or 7, comparison with her peers becomes a focus. For families with high incomes, it is normal for their children to be dressed beautifully and expensively. For example, if the husband and wife's salary is 100%, then it is okay for them to spend 10% or 20% on clothing. If the husband and wife's income is 200 million VND/month (some people even higher), then spending 40 million VND/month on clothing, is there anything wrong?

Experts also believe that there is nothing wrong with teaching children about finances early and helping them like expensive and quality items. "Children must know the value of money so that they can become good earners later on."

"When choosing items for children, parents should choose 80% basic, classic and timeless designs. The next 10% are trendy items and the remaining 10% are seasonal outfits," said style consultant and stylist Sophie Ha Nguyen.

According to consultant and style shaper Sophie Ha Nguyen, "buy less, choose well and make it last" is a smart shopping motto and in line with the current sustainable fashion trend. When shopping, if you find an item in the 80% section, you can invest in a quality design for long-term use. And one of the most important things when you are young is to understand the importance of money, because once you have it, it is very difficult to change it, your child must be taught that to earn it, you have to sweat.

Source: https://thanhnien.vn/thoi-trang-tre/co-nen-mua-hang-hieu-cho-con-185250212162401434.htm