China's luxury market

China's demand for luxury goods still growing

Luxury goods makers such as Hermes and Bulgari report continued strong demand in China, despite grim economic conditions elsewhere.
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Chinese consumers are still buying luxury brands such as Prada (AFP)
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<div style="text-align: left;"> Chinese consumers are still buying luxury brands such as Prada (AFP) </div>

China’s taste for luxury goods seems to be unaffected by the pessimistic global sentiment affecting overall economic growth. Hermes sales increased by 22% globally during the second quarter, compared to 50% growth in China, while Bulgari sales in Greater China jumped by 67% in the first half.

“The concept of mainland Chinese spending on luxury is not new what’s new is what they are spending on right now,” said Aaron Fischer, head of consumer and gaming research at CLSA, during the firm’s Investors’ Forum in Hong Kong this week.

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