Luxury Sellers Adapt to Changing Market

by swisscham in Business

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

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