Appetite for luxury wanes

Purchases slowed last year amid slower growth, brand proliferation

Sales of luxury goods slowed in China during 2014, with the growth rates falling for the first time amid slowing economic growth and brand proliferation, a new study said on Tuesday.

China's luxury market is undergoing a fundamental shift, brought on by evolving customer dynamics, an influx of new, emerging luxury brands, and an economic slowdown, said the study released by global consultancy firm Bain & Co.