Rich Chinese Still Hungry for Luxury Goods Despite Slowdown
- In survey, 46% of shoppers plan to spend more on luxury goods
- Asian nation accounts for one-third of global luxury demand
A shopper carrying bags uses a smartphone in front of a Bulgari SpA installation in the Dawanglu area of Beijing.
Photographer: Giulia Marchi/BloombergAbout half of Chinese consumers say they’re planning to spend more on luxury purchases this year in a recent survey as concerns mount that the slowing and trade war-battered economy may dent demand in the key market for premium goods.
Weeks after Apple Inc. said that lower-than-expected Chinese demand is hurting earnings, a new survey of 1,385 affluent consumers by research firm CSG and public relations agency Ruder Finn showed that 46 percent of respondents in China and 32 percent in Hong Kong said they planned to spend more on luxury purchases this year compared to 2018.