SHANGHAI — Sales of luxury goods in China are projected to slow this year to single digits, due to changing consumer tastes and new policies from Beijing that restrict government officials’ spending on big-ticket items for individual purchase or to give as gifts, according to a study released this week from Bain & Co.
The study projects that luxury sales in China will slow to 7 percent growth in 2012, down from 30 percent growth in 2011. Another report, released Thursday by McKinsey & Co., projects luxury spending growth on the Mainland will slow to an annual rate of 12 percent to 15 percent between now and 2015. That report said growth of luxury sales has been between 16 percent and 20 percent annually over the past four years.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"