Decline in China's luxury consumption widened in 2015 amid the government's ongoing anti-corruption campaign, a slowing economy and increased buying outside China, according to a report released on Wednesday.
Chinese consumers of luxury products are spending increasingly big money online, as growing use of smartphones makes Internet shopping ever easier, according to a new industry report.
Chinese consumers of luxury products are spending increasingly big money online, as growing use of smartphones makes Internet shopping ever easier, according to a new industry report.
Chinese companies have realized the strongest growth globally in the luxury industry sector in 2013, while their French counterparts still dominate the sector, said international auditing firm Deloitte in a statement published Wednesday.
Chinese companies have realized the strongest growth globally in the luxury industry sector in 2013, while their French counterparts still dominate the sector, said international auditing firm Deloitte in a statement published Wednesday.
Nothing could stop Chinese holidaymakers from taking overseas luxury shopping trips this Spring Festival, and no one could stop the souring romance between global luxury brands and the Chinese market.
China's Dalian Wanda Group is expanding its luxury hotel business, eyeing to establish over 150 premium hotels across the globe by the end of 2018.
German car producer Audi officially opened its sales office in Phnom Penh, the capital of Cambodia, on Monday, aiming to tap into the country's rising demand for luxury automobiles.
Though China's current anti-extravagance drive is hitting luxury sales hard, the market is still huge, especially with smart and increasingly fashion-savvy consumers.
The Chinese mainland's luxury goods market has slowed from seven-percent growth in 2012 to around two percent in 2013, according to the "2013 China Luxury Goods Market Study" released on Tuesday in Shanghai. The survey, conducted by the international consulting firm Bain & Company, forecast that the country's luxury goods consumption will experience similarly slow growth in 2014.
Chinese affluent consumers are increasing their purchases of lower price luxury items, moving away from established brands, Bank Julius Baer said in a report here on Tuesday.
Chinese affluent consumers are increasing their purchases of lower price luxury items, moving away from established brands, Bank Julius Baer said in a report here on Tuesday.
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