23 April 2019

China luxury spending growth seen cooling to 2%, paper says

Luxury spending growth in mainland China is expected to come in at 2 percent this year, down from 7 percent last year and a whopping 30 percent in 2011, China Daily reported Wednesday, citing an annual China Luxury Goods Market Study from Bain & Co. Total luxury spending in the country is estimated at 116 billion yuan (US$19.1 billion), representing 7 percent of such sales worldwide. The slower growth has been attributed to the government’s anti-corruption and frugality campaign. Sales of luxury watches, which make up more than a fifth of the domestic luxury market, are seen declining 11 percent this year. 

– Contact HKEJ at [email protected]



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