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Lately, we’ve seen some doom and gloom reports about the Chinese economy. Word is that consumption is slowing down and people are no longer lining up for luxury brands.
But the pessimism about China is overblown, according to a report by Bain & Company.
In fact, the luxury goods market will expand by 10 per cent in the next year, mostly thanks to China, Luisa Zargoni at Women’s Wear Daily reports.
“Concerns about market weakness are somewhat overblown,” according to Bain partner Claudia D’Arpizio. “But we are seeing sharp disparities between brands that are not keeping up with the quickening pace of change in the market and those that are adjusting to shifts in tastes and demographics.””
Accessories are growing the most, as Chinese consumers line up for Louis Vuitton and Chanel handbags.
The study shows that it’s not time to give up on China yet.
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