(MENAFN) The management consulting firm Bain & Co is expecting the luxury goods market in China to continue slowing down this year, Xinhua reported
The growth in luxury goods sales in China dropped from seven percent in 2012 to two percent last year
Bain & Co's report said that the slowdown was due to increased luxury shopping abroad, as around two-thirds of luxury goods were bought abroad
The government's campaign to curb extravagance and promote frugality has also helped to cool down the luxury goods market
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