Latest News:  
Beijing   Overcast    27 / 20 ℃  City Forecast

English>>China Business

Caution over luxury item spending amid economic woes (2)

By Sophie He  (China Daily)

13:09, September 07, 2012

Photo/China Daily)

The survey, which was conducted in June, involved interviews with 2,017 consumers who had purchased luxury items in the past 12 months. Around 15 percent of them are from Hong Kong, 23 percent from first-tier mainland cities and the rest from second and third-tier mainland cities.

"In the past 12 months the luxury market (on the mainland) was going strong but consumers are cautiously planning for the next year because of the economic news they're reading, and this could lead to a relative slowdown," says Simon Tye, Executive Director of Ipsos.

Echoing Tye's words, Elan Shou, senior vice-president at Ruder Finne, said based on what she had learned from its customers (luxury goods sellers), consumers from both Hong Kong and the mainland have already been spending more cautiously, as "there are too many uncertainties in the air".

"I don't think that they (consumers) are spending less because their purchasing power has declined...they still have the money, but they are just withholding the purchases until the economic situation becomes more clearer," said Shou.

Another major finding of the survey is that China itself has become the go-to destination for buying luxury goods in 2012 replacing Hong Kong and Europe in its last year's survey.

【1】 【2】 【3】

News we recommend:
Diaoyu row hurts Japanese car sales in China New Controls in the Making Housing report notes rise in sales
The Price Goes Up and Up Rail projects to spur economy Finance vehicle loans to local govts up in H1
A Treasure Trove of Resources  Kai-Fu Lee, Citron battle heats up Frictions Over Renewable Energy


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Amazing military photos: China's J-10 fighters

  2. Aircraft carriers in service around the world

  3. New Deal to Boost Consumption

  4. 13m basket of flowers on Tian'anmen Square

  5. Pictures of space capsule

  6. The amazing Africa

Most Popular


  1. Noda gov't in hot water as LDP eyes comeback
  2. White paper makes watertight case for Diaoyu claim
  3. Intl firms should learn from Chinese counterparts
  4. Aircraft carrier brings timely morale boost
  5. Palestine faces difficulties amid Arab upheaval
  6. Theft of Diaoyu Islands risks China-Japan trade ties
  7. Japan defies post-war int'l order, China's goodwill
  8. Tokyo's stance on Diaoyu Islands 'unacceptable'
  9. Supervision shields officials from graft
  10. Microsoft wisely teams with Beijing to fight piracy

What's happening in China

Waiting on the wheels

  1. New high-speed railway spurs debate over prices
  2. Chinese gov't units test-drive green autos
  3. Five detained after fatal Gansu mine accident
  4. China's airlines brace for holiday passenger boom
  5. Engineers see highest salaries, best job market

China Features

  1. Ancient villages face losing their souls
  2. Economic circles key to Sino-Japan relations
  3. How to pan for gold in cultural investment fever
  4. How are elegant Miss Etiquettes 'produced'?
  5. Co-production helps Chinese films go global

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture