According to a joint Bain and Fondazione Altagamma report ‘Global luxury market survey’ published on 15th October, the luxury market size for China this year is estimated to be€15 Billion (about 117.8 Billion RMB), a decline of 2% compared to 2013. As a result, this will be the first negative growth since the survey started in 2000.

However this decline may be a silver lining allowing luxury brands to get a clearer understanding of who the real luxury consumers are and greater insight into their behaviour. The exuberant impulse consumption era is gone, as the luxury gifting market has been restricted by government policy. Other than the anti-corruption action, the other reason for the market decline is the greater numbers of Chinese….

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