SHANGHAI — High net worth Chinese did less shopping last year against a backdrop of slowing economic growth and a sweeping anti-graft campaign initiated by China's new leadership, according to a new luxury consumer survey.
Spending by high net worth Chinese declined 15 percent year-on-year in 2013 while gift spending in particular was down 25 percent, according to Hurun Report's Chinese Luxury Consumer Survey 2014. Hurun, China's answer to Forbes magazine, released the survey's results Thursday.
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?"