Chinese Luxury Market Slowly Recovers From Setbacks
(Beijing) — After getting battered by China’s anti-corruption campaign and slowing economic growth, the country’s luxury market is showing signs of a recovery, bolstered mainly by narrowing domestic and overseas price differentials and the way high-end brands have embraced e-commerce.
Chinese consumer spending on personal luxury goods rebounded for the first time in three years in 2016, with a gain of 4% at constant exchange rates to 17 billion euros ($18 billion), global business consulting firm Bain & Co. estimated in a December report.
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