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Why Chinese shoppers are spending less on designer goods

23 8 5

CHINESE consumers are forecasted to be the growth drivers for the luxury industry in the next decade but the mainland’s current economic slowdown could be bad news for designer brands.

With Chinese spending on topping US$90 billion annually on jewellery, clothing, and other high-end items, the downturn could affect exquisite brands such as Cartier and Salvatore Ferragamo in cities like Manhattan and Paris.

According to the Associated Press, the CEO of Tiffany & Co, known for its US$5,000 watches, noted the slump in Chinese spending on its products, with shares of the company fell 12 percent.

In one afternoon last week, Tiffany & Co’s flagship store in Hong Kong had only a dozen visitors, but most of them were merely window shopping.

SEE ALSO: Shanghai named Asia’s most expensive city for rich shoppers........

© Asian Correspondent