A slowing economy, shifting tastes and higher prices have dampened Chinese enthusiasm for overly expensive luxury goods
In the Paris boutique of a Swiss luxury watchmaker, a Chinese customer anxiously discusses a credit card payment with her bank. After hours of back and forth, it finally goes through – to everyone’s relief.
“Things like this rarely happened before,” a salesperson at the store said, explaining how the card of the female customer was repeatedly declined as she tried to purchase a €25,000 (US$29,126) watch.
The salesperson has also noticed a decline in spending by Chinese customers, ceding their throne to clients from the United States and the Middle East.
“Now, many Chinese clients tend to shop at more accessible brands nearby and come here only to have a look. Even if they do make a purchase, they are more likely to buy cheaper models at €30,000 (US$34,953) to €40,000 (US$46,606),” the salesperson said.
