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.
Steve Aoki held a presentation, a runway show and outdoor concert for his men's line Dim Mak. Here's a look from his spring 2018 collection, which was titled "Paradise Found." #wwdfashion #wwdmens (📷: George Chinsee)
"It's really hard sometimes. I think I have a reputation for being really tough and aggressive and pushy but I really am a very shy person who wants to be liked, and that's the conflict constantly. There's something that takes hold - I want people to like me, I don't want to be mean - but if I see something that just cries out to be answered, I go for it," says renowned NBC News correspondent Andrea Mitchell. (📷: @axeldupeux)