New Market Report: Luxury Goods in Hong Kong, China
Although the economy has shown signs of recovery, luxury goods did not benefit greatly. The local economy was improving in 2013, but local consumers were still very price cautious when buying luxury goods. Unlike tourists from mainland China, local consumers mostly of them bought luxury goods when offered on discounts. Some luxury brands, such as Rolex, stopped annual price increases in 2013, in order to keep prices competitive in an unstable economy.
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