Experts say that sales of luxury goods in China are likely to go down in 2014 as they rose two per cent last year, down from seven per cent from last year. The results from a study done by Bain & Co are credited to China’s unpredictable global economy and government anti-corruption. According to the study, worldwide sales of personal luxury goods are to rise four to six per cent this year from a 6.5 per cent increase last year.
“We are entering a new phase for the sector, call it a new normal,” Claudia d’Arpizio told Reuters, partner at Bain & Co. “There are unlikely to be more booms like the recent one in China soon, and mature markets can cope better with economic crisis, so growth should be more stable.” CJ
