Market Report, "Luxury Accessories in China", Published
The growth of luxury accessories was dampened in 2013, mainly due to anti-corruption movements and the increase in travel abroad. Social and business gifting in the Chinese culture formed an essential and significant part of the consumption of luxury accessories. As the new leadership in China promised to increase efforts to curb corruption, the implementation of anti-corruption policies weakened the demand for luxury accessories for gifting with public funds.
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