SHANGHAI — The fashion world is feeling the pinch of Chinese consumers’ changing attitudes. Mainland China’s New Year holiday sales grew at a double-digit pace this year, but the growth slowed from previous years against the backdrop of a tough antigraft campaign and a shift in consumer spending habits toward experiences rather than material goods.
China’s retail and restaurant sales over the weeklong holiday rose 13.3 percent to 610.7 billion yuan, or about $101 billion at current exchange, compared with the holiday period last year, according to the Ministry of Commerce. In 2013, the growth rate was 14.7 percent while in 2012 it was 16.2 percent.
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?"