Spend­ing drops on luxury ap­parel

China Daily (Canada) - - FRONT PAGE -

Tra­di­tional well-known luxury brands ex­pe­ri­enced a decline in China last year while more af­ford­able luxury prod­ucts and fast-fash­ion brands turned in sat­is­fac­tory re­sults.

China’s luxury mar­ket con­tracted for the first time in 2014, with the to­tal mar­ket value slightly down by 1 per­cent year-on-year to reach 115 bil­lion yuan ($18.34 bil­lion), ac­cord­ing to con­sul­tancy firm Bain & Com­pany.

China’s anti-cor­rup­tion and fru­gal­ity cam­paigns, and its eco­nomic slow­down, are seen as the ma­jor causes.

Bain said that rather than cel­e­brated brands such as Louis Vuit­ton, Gucci and Prada, Chi­nese con­sumers have ex­pressed a will­ing­ness to buy less known emerg­ing luxury brands, with more than 80 per­cent of 1,400 polled con­sumers say­ing they had such plans over the next three years. (Photo 2)

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