China Luxury Spending Grows at Slowest Pace Since 2000

China’s luxury spending grew this year at the slowest pace since at least 2000 as more shoppers traveled abroad and the government’s anti-corruption efforts curbed purchases, consultant Bain & Co. said.

Spending in luxury goods is estimated to have expanded about 2 percent in 2013 from 7 percent last year, the Boston, Massachusetts-based company said in a report released today. Growth in 2014 will be at a pace similar to this year, it said.