Lux­ury goods spend­ing dips

China Daily (Hong Kong) - - BUSINESS -

The sales of ma­jor lux­ury goods com­pa­nies in the Chi­nese main­land and Hong Kong fell by 2.4 per­cent year-on-year in the 2015 fi­nan­cial year, ac­cord­ing to a re­port re­leased by au­dit­ing and con­sult­ing firm Deloitte. It found that the slow­ing econ­omy re­sulted in lower spend­ing, and the cen­tral govern­ment’s crack­down on lux­ury gifts in the cor­po­rate sec­tor con­tin­ues to have an im­pact. Nev­er­the­less, de­mand re­mains steady among the coun­try’s ex­pand­ing mid­dle class, as they con­tinue to buy bet­ter qual­ity prod­ucts and show­case their so­cial sta­tus with grow­ing dis­pos­able in­comes. The re­port found that as in other emerg­ing mar­kets, the prices of lux­ury goods in China are be­ing ad­justed down­ward. This, it said, is bring­ing them in line with global mar­kets and en­cour­ag­ing more con­sumers to buy lux­ury brands in the do­mes­tic mar­ket.

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