Caixin
Jan 15, 2019 01:56 PM
BUSINESS & TECH

Rich Chinese Haven't Lost Appetite for Luxury Goods

A high-end retail store in Beijing. Photo: Bloomberg
A high-end retail store in Beijing. Photo: Bloomberg

(Bloomberg) — About half of Chinese consumers say they’re planning to spend more on luxury purchases this year in a recent survey as concerns mount that the slowing and trade war-battered economy may dent demand in the key market for premium goods.

Weeks after Apple Inc. said that lower-than-expected Chinese demand is hurting earnings, a new survey of 1,385 affluent consumers by research firm CSG and public relations agency Ruder Finn showed that 46% of respondents in China and 32% in Hong Kong said they planned to spend more on luxury purchases this year compared to 2018.

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