Luxury goods consumption in mainland China declined for the first time in 2014 as China's ongoing anti-extravagance campaign hit sales hard.
Chinese mainland's luxury goods consumption reached 115 billion yuan (18.79 billion U.S. dollars) in 2014, down 1 percent year on year, compared with a 2-percent and 7-percent growth in 2013 and 2012, according to a recent report from the international consulting firm Bain & Company.
The government campaign encourages frugality and is cracking down on corruption across the country to put a dent in gifting, which had been one of the major growth engines for the sector, said Bruno Lannes, author of the report.
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Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
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