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Consumerism in China Booms

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Sales growth in the global luxury market will slow this year to 5 per cent from 13 per cent in 2011 at constant exchange rates as Chinese customers rein in their spending and concerns about the global economy take their toll, a study has found. A closely watched report published by consultancy Bain & Co together with Italian luxury goods trade body Altagamma said the first signs of a deceleration began to appear in 2012 in China, the luxury industry's main engine of growth. A change in government in China and a crackdown on corruption have dented luxury spending by its consumers, the report said. This year, the Chinese luxury goods market is set to rise by 8 per cent at constant currencies and 20 per cent at current currencies to reach 15 billion euros, while last year it gained 30 per cent using both measures, the report said. Chinese consumers, many of whom shop abroad, have become the world's No. 1 buyers of luxury goods, ahead of the Japanese, the Americans and the Europeans, the study found.

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