The Top 8 Trends That Shaped the Luxury Industry of 2018 in China
2018 saw new tax laws, growing consumer debt, and an unprecedented trade war in China, all of which had Western brands scrambling to make adjustments.
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- China’s tax-dodging daigou business is undergoing seismic changes:
- Rising trade disputes hit luxury business:
- China's Gen-Z consumers are taking over the luxury market
- Leading luxury brands are lowering retail prices to spur domestic consumption:
- Millennial and Gen-Z consumers’ debts balloon
- Western and Chinese tech and e-commerce companies form alliances:
- Heritage culture is to Chinese youth what hip-hop is to Americans:
- Beauty brands stay competitive through new
- tech:
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