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The changing of the guard slows the economy

As I write this piece, the party leaders of China are behind closed doors planning and agreeing who takes charge of the country for the next ten years. It’s a very secret process that culminates in a TV broadcast showing the final vote for the top jobs. November 8th the party will meet and announcements will follow. The changing of the guard has by most accounts been a major contributor to the slowing of the luxury market in China this year. Part being due to some consumers being unsure what 2013 will hold in terms of party policy, and part directly linked to gift giving between and to government officials…

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