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China’s Luxury Sales Look for Boost from Leadership Change
Thursday, November 1, 2012 18:20
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China observers have had their eyes trained on the upcoming 18th Party Congress, and the power struggle swirling around the Communist Party leadership. But it's not just political changes that may come after the Party meeting, some say it could bring changes in spending patterns on big-ticket luxury items. Bloomberg reported on Wednesday (October 31) that some are expecting an uptick in luxury good sales next year, after the slowing economy dented performances. According to Bloomberg, market watchers say Chinese luxury good buyers—many of whom purchase pricey items for gifting—have held back this year. Gifting, and using it to establish “guangxi” or relationships is essential to most business and political relations in China. But the increasing public scrutiny over corruption and flashy spending by those in power has curtailed expensive purchases and lavish receptions by communist officials and their affiliates. The upcoming power transition has also created uncertainty for those looking to establish “guangxi”. Personnel shuffles at various levels of the government means some are refraining from gifting, in case those pricey relationships do not bear fruit after the leadership change. Bloomberg reports that luxury good sales may get a boost after then November 8th Party Congress. The meeting is expected to bring greater certainty to the leadership structure. New leaders could also announce measures to stimulate the economy. For more news and videos visit ☛ english.ntdtv …
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2012-11-01 17:43:25
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