Whether executives in luxury brands could or should have spotted the probability of changes in the economy due to government action, political changes or just the need to cool things is a different question, but what effect did it have on consumers and how did luxury brands react? Those who have some understanding of Chinese culture will know that saving money and having reserves is second nature to the people, so as the economy slowed, so did spending. This didn’t and doesn’t mean that money has gone away, but greater time is now applied to making decisions, and more questions are asked along the way to making to deciding what to purchase…

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