CNBC: Luxury spending drops amid anti-corruption
(Agencies) Updated: 2014-02-20 13:39China's luxury market, which was growing at least 20 percent a year, is quietly imploding as a result of the ongoing crackdown on corruption, CNBC reported.
Luxury sales are now expected to remain flat or grow just a few percent this year. And the problem is likely to get worse, according to the report.
The once luxury-obsessed Chinese consumers are getting a bit of logo fatigue when buying everything from wine to bags.
Related Stories
- Chinese luxury spending drops 19% during festival
- Is the shine gone from luxury goods?
- Luxury outlets lure Chinese at Lunar New Year
- Luxury brands need a change of approach
- Alibaba invests $15m in American luxury website
- Chinese students in US take the road to luxury
- Luxury market cooling down
- China's luxury goods consumption cools: survey
- More female officials caught in corruption
- Whampoa veterans recorded with glory
- Police bust 9 terrorist groups in Xinjiang
- Knife-wielding attackers seized in Xinjiang
- New regulation leads to drop in petitioned cases
- Hunan plant shut as probe into lead poisoning begins
- Police boost efforts to combat gambling
- Project offers jobs openings to legal experts
- Experts: Dog meat festival 'illegal'
- Nation looks to upgrade
pipeline networks
Highlights
Hot Topics
Dog meat festival
Xinjiang attackers
Hagibis
Lead poisoning
Death penalties
Environmental graft
Space travel
Crackdown on cults
Comfort women
hukou
