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MessagePosté le: Lun 27 Aoû - 10:47 (2018)    Sujet du message: Authentic Joonas Donskoi Jersey Répondre en citant

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SHANGHAI Jay Beagle Jersey , Jan. 20 (Xinhua) -- Decline in China's luxury consumption widened in 2015 amid the government's ongoing anti-corruption campaign, a slowing economy and increased buying outside China, according to a report released on Wednesday.

China's luxury consumption growth slowed in 2013 and began to contract in 2014 as the government's austerity drive and ongoing anti-graft campaign capped demand. The decline widened to 2 percent last year, compared to 1 percent in 2014, said consulting firm Bain & Company in a report.

While the anti-corruption drive continues to weigh on demand John Carlson Jersey , the sustained contraction in China's luxury market, now valued at 113 billion yuan at the end of 2015, also reflects changing consumption behaviors among China's luxury consumers.

Driven by the yuan's relative strength against a basket of currencies and the boom of online retail, more Chinese consumers shop at brick-and-mortar stores in countries like Japan, Republic of Korea Braden Holtby Jersey , the euro zone and Australia, or use overseas online retailers, Bain's report finds.

Luxury spending by Chinese consumers surged over 200 percent in Japan last year while that in Hong Kong and Macao tumbled 25 percent during the same period.

Many foreign online retailers launched Chinese language websites last year to cater to Chinese buyers and began to accept electronic payments through Alibaba's Alipay and China's UnionPay. Such moves also helped boosted transactions outside China.

Overseas retailers and domestic e-commerce firms, including Alibaba and JD, accounted for 12 percent of total luxury spending in China last year Andre Burakovsky Jersey , Bain said.

Increased overseas shopping comes at the same time domestic retailers are seeing a further loss in consumer flows and sales. Luxury brands have either closed some of their stores in China or moderated the pace at which they expand.

More efforts, Bain said, have gone into digital marketing and upgrading existing stores to enhance shopping experience.

A slowing local economy hurt luxury sales for the three provinces in the northeast, which were among the worst performing provinces last year.

East China appears most resilient to the slowdown in luxury consumption as demand is propped up by swelling ranks of middle class.

Bain said the decline could narrow in coming years as both the government and luxury brands try to convince consumers shopping at home is a better option.

Authorities have lowered tariff for several imported products, including leather shoes and cosmetics Philipp Grubauer Jersey , a move that narrows the price of the. Authentic NHL Jerseys China   Cheap Braves Jerseys   Cheap Houston Astros Jerseys   Cheap Los Angeles Angels Jerseys   Wholesale Cubs Jerseys   Wholesale Indians Jerseys   Wholesale St. Louis Cardinals Jerseys   Wholesale San Francisco Giants Jerseys   Wholesale New York Yankees Jerseys   Wholesale Minnesota Twins Jerseys 
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