12 December 2018

China luxury goods market seen slowing further, Xinhua says

Consulting firm Bain & Co. believes China’s luxury goods market could see further slowdown in its growth pace this year, Xinhua news agency reported Wednesday. Sales growth of luxury goods in the country dropped to 2 percent last year from 7 percent in 2012, according to Bain, which attributed the slowdown to more Chinese shopping luxury goods abroad and the government’s campaign to curb extravagance and promote frugality. The government campaign has especially affected sales of luxury watches and other goods favored by men, Bain was quoted as saying in a report.

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