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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)