China / From the Foreign Press

CNBC: Luxury spending drops amid anti-corruption

(Agencies) Updated: 2014-02-20 13:39

China'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.

Highlights
Hot Topics
...