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Caution over luxury item spending amid economic woes

By Sophie He  (China Daily)

13:08, September 07, 2012

A Cartier outlet in Nanjing, Jiangsu province. Mainland consumers are less eager for jewelry and expensive hand bags, says a joint research by Ipsos and Ruder Finn. (Photo/China Daily)

Both mainland visitors and local residents plan to cut back their spending on luxury items amid rising economic uncertainty, according a survey by global research firm Ipsos and communication firm Ruder Finn.

The survey shows that luxury-brand watches are practically off mainland consumers' shopping list with 54 percent of respondents saying they plan to spend less on watches over the next 12 months.

Mainland consumers are also less eager for jewelry and expensive hand bags, with 48 percent of respondents saying that they will cut their spending on these items in the next 12 months.

But mainland consumers are not cutting back spending on all luxury goods, as the majority of respondents said they are still willing to increase their spending on luxury cosmetics (43 percent), high-end shoes (43 percent), and top-brand wines and cigars (40 percent).

Meanwhile, respondents from Hong Kong are even more cautious about their future spending, with over 50 percent of respondents saying they will spend less on jewelry, watches and handbags; over 40 percent plan to cut back their spending on cosmetics, apparel as well as shoes.

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