chinadaily.com.cn
    left corner left corner
    China Daily Website

    Luxury sellers adapt to changing market

    Updated: 2013-05-04 01:58
    By Meng Jing ( China Daily)

    Luxury sellers adapt to changing market

    A liquor store that sells Moutai in Qionghai, Hainan province, in February. The price of the luxury liquor brand has slumped since the country's new leadership launched a campaign targeting government spending on official receptions, vehicle purchasing and overseas trips by civil servants early this year. Meng Zhongde / for China Daily 

    High-end demand starts to taper off as authorities target lavish spending

    Early last year, eyebrows were raised when 500 grams of high-quality Longjing tea was sold for 180,000 yuan ($29,196) at an auction in China.

    The record price for the tea brand made it much more expensive than gold at that time.

    However, this spring the situation has changed completely. The price of the same high-quality Longjing has reportedly fallen to around 2,500 to 2,800 yuan for 500 grams, compared with the average price of 3,200 yuan in 2012.

    Tea industry experts say that this year's prices are the lowest since 2009.

    It is not high-end tea alone that is feeling the pinch.

    Expensive luxury watches from Swiss watchmaker Rolex and fancy dinners at top restaurants are all losing sheen as choice gifts among the well heeled.

    Frugality has arrived, or rather, been imposed.

    High-end demand has tapered off this year due to recent government measures aimed at checking extravagant spending and reining in corruption.

    Though it is still early to estimate the actual numbers, some experts maintain that the trend augurs well for the future, as it will lead to a more broad-based and healthy demand.

    Others feel that slower high-end product sales will only lead to lower overall consumption.

    According to data provided by the National Bureau of Statistics, retail sales in China during the first quarter reached 5.55 trillion yuan, year-on-year growth of 12.4 percent, compared to 14.8 percent for the same period last year.

    Though there are indications that demand is likely to fall further, there are also signs that the demand for high-end goods in China is becoming broader and more sophisticated.

    Zhao Ping, deputy director of the department of consumer economics at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, said that the government crackdown on lavish spending is good for China's consumption market in the long run.

    "Less government expenditure on official receptions, vehicle purchases and overseas trips means that more money can be put into the pockets of ordinary people," she said.

    Zhao insisted that the curbs on conspicuous consumption are good for sustainable growth as they will cater to a broader spectrum of people.

    Previous Page 1 2 3 4 Next Page

    8.03K
     
    ...
    ...
    ...
    变态SM天堂无码专区| 久久久久亚洲AV无码观看| 久久无码AV中文出轨人妻| 无码AⅤ精品一区二区三区| 亚洲精品无码av人在线观看| 久久精品天天中文字幕人妻 | h无码动漫在线观看| 亚洲一日韩欧美中文字幕欧美日韩在线精品一区二 | 人妻少妇伦在线无码专区视频| 日韩免费在线中文字幕| 亚洲午夜无码久久久久小说| 日韩一区二区三区无码影院| 中文有无人妻vs无码人妻激烈| 国产乱码精品一区二区三区中文 | 天堂а在线中文在线新版| 精品无码av一区二区三区| 中文一国产一无码一日韩| 伊人热人久久中文字幕| 亚洲欧美日韩、中文字幕不卡| 国产成人无码精品久久久免费 | 日韩精品无码一区二区三区免费 | 亚洲国产综合无码一区 | 色欲A∨无码蜜臀AV免费播| 亚洲精品无码高潮喷水在线| 中文字幕精品无码久久久久久3D日动漫 | 亚洲gv猛男gv无码男同短文 | 亚洲av永久无码制服河南实里| 最近高清中文在线字幕在线观看| 日本久久久久久中文字幕| 天堂资源在线最新版天堂中文| 中文字幕久久久久人妻| 中文字幕丰满乱孑伦无码专区| 无码毛片一区二区三区中文字幕 | 最近中文字幕大全免费版在线| 精品无码专区亚洲| 免费AV一区二区三区无码| 五十路熟妇高熟无码视频| 免费A级毛片无码鲁大师| 亚洲免费无码在线| 亚洲欧美日韩中文在线制服| 久久久久久综合一区中文字幕|