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Year of the Goat - Luxury brands flock to China's jet-set spenders
2015-01-20 11:39:30| Jewelry - Topix.net
From Paris to New York, purveyors of luxury goods are teaching staff Mandarin, offering traditional New Year "hongbao" gifts and flocking to social media sites as well-heeled Chinese tourists pack their bags to ring in the Year of the Goat abroad. Chinese shoppers spent around 380 billion yuan on luxury products worldwide last year, with spending outside China up 21 percent even as domestic sales of high-end brands dipped for the first time due to a government clampdown on excessive gift-giving, according to a report from consultancy Bain & Co on Tuesday.
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Category:Consumer Goods and Services