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Rich Chinese Shoppers’ Appetite Slows as Confidence Falters
- Agility survey of affluent points to ‘decline in optimism’
- Global luxury market counting on China to fuel future growth
China’s shoppers have grown more cautious in recent months amid economic turbulence fueled by property market crisis and elevated youth unemployment.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Global luxury retailers counting on wealthy Chinese shoppers to raise their sales might be dismayed by recent reports pointing to a slowdown in their appetite for pricey bags and clothes.
There’s been a “decline in optimism” since April among Chinese high-net-worth individuals in the past six months, according to a report released this week by Agility Research & Strategy — a consulting firm focusing on the affluent — which tracks consumer sentiment among wealthy Chinese each month.