A report from the Beijing - based World Luxury Association found that
luxury spending in China last month fell to its lowest level in five years.
And there's good reason for that ambition: China accounted for three - quarters
of luxury spending growth in the eight years through 2016, according to McKinsey & Co., and will have 44 percent of the global market for such products by 2025.
McKinsey said the migration of
Chinese luxury spending makes it even more important for luxury retailers to maintain a consistent image in China and abroad.
Tom Porcelli, Chief U.S. Economist at RBC Capital Markets, talks about how
slowing luxury spending could be sending a warning sign for the rest of the economy.
What we didn't account for was the magnitude of the current correction and the effect that it would have on
discretionary luxury spending even within a population that financially could still afford our product.
Even though you might only be talking about a few thousand dollars worth of debt, rather than a few million, it's easy to let everyday expenses and
luxury spending spiral out of control, ending in bankruptcy or other financial crises.
That will be good news for luxury marketers who are currently pre-occupied with a slowdown in overall
Chinese luxury spending.
That's the amount of money that you would have available for savings, investments, and
luxury spending.
Someone else here also touched on the idea of maximizing return from
luxury spending.
Also, more of
a luxury spend on these Aquazzara ones available here.
Russian
luxury spending abroad has taken a big hit, says Luca Solca, head of luxury goods at Exane BNP Paribas, but luxury spending within the country is in comparatively good health.
Slash
the luxury spending The couple needs to reduce their monthly expenses.
Identify habits like spending regularly on seemingly small expenses, overindulgence in
luxury spends, etc. and rectify the situation by weeding these habits out.