The growth rate of luxury spendings declined in China

The growth rate of luxury spendings declined to such depths, have not seen for more than a decade in China, because the wealthy Chinese are increasingly buying luxury goods abroad – the Bain & Co. International consulting firm’s report shows.

The document estimates that this year, Chinese spent only 2 percent more on luxury goods, than in the previous year. This is a such slow growth has not seen since 2000, which is also much slower than last year’s 7 percent, which was also a huge slowdown. (Szerencsi Ágnes, MTI)