Even before the deadly COVOD-19 shook the Chinese economy, the desire to spend on luxury goods among wealthy Chinese consumers seemed to be weakening in the country...
Even before the deadly COVOD-19 shook the Chinese economy, the desire to spend on luxury goods among wealthy Chinese consumers seemed to be weakening in the country, dampening hopes for a sharp recovery after the epidemic subsides.
About 10% of Chinese consumers said they were planning to reduce their luxury purchases in 2020 compared to 6% last year, according to a December survey of 1,599 affluent shoppers by the Consumer Search Group and public relations firm Ruder Finn Asia.
These findings were a first in the study’s 10-year history, underscoring the grim consumption outlook.
About 10% of Chinese consumers said they were planning to reduce their luxury purchases in 2020 compared to 6% last year, according to a December survey of 1,599 affluent shoppers by the Consumer Search Group and public relations firm Ruder Finn Asia.
These findings were a first in the study’s 10-year history, underscoring the grim consumption outlook.
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