Consumers retain a taste for luxury

Consumer confidence and luxury spending will maintain healthy momentum in China during 2015, despite the slowdown experienced by some global brands, a study said on Thursday.

According to the 2015 China Luxury Forecast prepared by global public relations firm Ruder Finn Inc and Ipsos Group Co, a Paris-based market research group, 90 percent of the about 2,000 respondents it covered for the report plan to increase or maintain their spending on luxury items in 2015.

The report, which tracks key trends in the luxury sector in the Chinese mainland and Hong Kong, said that there has, however, been a change in the overall consumption pattern, with the number of customers purchasing luxury goods as gifts falling drastically, partly due to the ongoing government campaign against corruption and extravagance.