Growth in the luxury goods market will slow this year as Chinese consumers spend less at home and give fewer gifts as they await the imminent change in Beijing’s government, according to the consultancy Bain & Co.
The value of the total luxury goods market is expected to rise 5 per cent at constant exchange rates to €212bn, compared with increases of 13 per cent last year and 8 per cent in 2010, Bain said yesterday.
The mainland Chinese market, excluding Hong Kong and Macau, was expected to grow about 18 per cent, after jumps of 30 per cent and 35 per cent of the past two years.
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