Growth in luxury spending on the Chinese mainland is expected to cool to 2% in 2013, down from 7% last year, according to the China Luxury Goods Market Study for 2013 published by the international consulting firm Bain & Company, Xinhua reported. The Chinese government's anti-corruption and frugality campaign has been cited as one of major factors dragging down growth in the luxury goods market. The effect is evident in the precipitous drop in the sales of luxury watches and expensive menswear.
Written by Dora Men
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