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Luxury goods' prices rising in the mainland

By  SHI JING (China Daily)

08:12, January 15, 2013

Customers at a duty-free shop in Sanya, Hainan province. Chanel China said the prices of some of its products sold on the mainland will be raised on Tuesday or Wednesday. Sun Qing / For China Daily

Shoppers who think the prices of luxury goods in the Chinese mainland market are already too high should prepare themselves for a shock.

Sellers of many luxury brands are jacking up the prices of their products in what is likely to be only the first round of such increases in 2013.

Retail analysts said foreign sellers are trying to make up for a decrease in sales in other markets, especially Europe, by trying to take advantage of the current strong demand in the Chinese mainland for luxury items.

Benefit Cosmetics, a cosmetics manufacturer, was the first to start the trend, raising the prices of its popular products on Dec 29.

Various beauty products sold under the SK-II brand soon followed. The brand's essence lotion, for instance, became 4.7 percent more expensive. Meanwhile, luxury goods companies including Christian Dior SA and Chanel SA are also known to be preparing to raise their prices.

Christian Dior has not provided an official response to inquiries about a possible price increase.

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