Chinese buying more luxury goods at home
Chinese shoppers are increasingly buying luxury goods in mainland China, turning away from high-end stores abroad and in Hong Kong, a survey indicated Thursday. The poll by market research firm Ipsos found that Chinese buyers preferred to shop on the mainland for luxury goods in five of its seven categories — watches, cosmetics, clothes, shoes, and wines and cigars. Last year, mainland Chinese preferred to buy top-end items at home in only three categories. The semi-autonomous city of Hong Kong remains their preferred destination only for jewellery and handbags, despite higher taxes on luxury goods on the mainland. Louis Vuitton was the respondents’ top luxury brand, named by 39 percent of them, followed by Chanel on 17 percent. Seven percent picked Gucci, Hermes had six percent and Christian Dior five percent. A total of 1,135 people on mainland China with annual incomes higher than 100,000 yuan ($15,900) were questioned last month for the China Luxury Forecast, jointly car...