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Luxury Apparel and Accessories Face a Slower Market in China, Business and Industry Trends Analysis

The economic crisis of 2008-2009 hit the global luxury clothing and accessories industry hard.  A notable exception to the luxury goods retail meltdown during the global economic recession was China, where many high-end stores enjoyed brisk sales as China’s economy continued to expand.

However, a sea change occurred in China in early 2013, due to reforms started by the nation’s newly installed president, Xi Jinping.  Conspicuous consumption, ostentation and the giving of expensive gifts to officials in return for favors were suddenly out of fashion, amid a well-publicized crackdown on graft and corruption.  This created a poor climate for the Chinese luxury goods market.

By late 2015, analysts at Capital Economics were reporting minor upswings in sales of jewelry, gala banquet catering and high-end liquors.  New government rules were introduced in 2015 relating to the fight against corruption which may ease the crunch in luxury goods sales.  Also, sales taxes are being modified to encourage consumer purchases within China, while ecommerce is booming.

 

 


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