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.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Become a Plunkett Research Online subscriber to gain unlimited access to our massive amount of vital industry data and market research.
- ✔ 100,000 Industry Statistics
- ✔ 500 Industries Analyzed for Market Size, Profits and Forecasts
- ✔ 150,000 Industry Executives Profiled
- ✔ 25,000 Companies Profiled, Ranked and Analyzed
- ✔ 1,000 Vital Trends Analyzed, totaling 1,000,000 words
A Representative List of Organizations that Have Used our Research and Products:
