Sales of luxury goods slowed in China , with the growth rates falling for the first time amid slowing economic growth and brand proliferation, a new study said on Tuesday.China's luxury market is undergoing a fundamental shift, brought on by evolving customer dynamics, an influx of new, emerging luxury brands, and an economic slowdown, said the study released by global consultancy firm Bain & Co.
Most of the well-established brands remained conservative on new store openings after witnessing a decline in like-for-like sales. Emerging brands, on the other hand, were more aggressive in new store openings, the report said.More than 80 percent of the respondents said they were more interested in emerging luxury brands and styles, with 44 percent keen on buying more emerging brands in the next three years. This is largely because the Chinese consumers are becoming more sophisticated, better informed and weighing purchase decisions on the design of the products, said Lannes.
A report from the Beijing-based World Luxury Association found that luxury spending in China last month fell to its lowest level in five years. Affluent Chinese spent $830 million on luxury goods in China — half of what they spend last year.
