Big-name luxury brands lower prices as tariffs drop

Sellers in China selling big-name luxury brands have cut their sales prices in response to reduced import tariffs, although the benefit for consumers has remained limited so far, according to experts.

Since the country implemented the tariff cut on 1,449 imported goods on July 1, many luxury brands have adjusted their prices accordingly. After Louis Vuitton became the first brand to alter its prices, many others followed suit, including Gucci, Hermes and Cartier.

According to the Customs Tariff Commission of the State Council, the average tariff on imported clothing was lowered from 15.9 percent to 7.1 percent. However, as tariffs only make up a small part of products' overall cost, the price cut remains relatively small, ranging between 3 to 5 percent.