Stricter Taxes Put a Brake on Luxury Goods Sales in China
3 Articles
3 Articles
Luxury brands such as Louis Vuitton, Dior, and Gucci are seeing their sales in China continue to decline, as new, stricter tax measures from Beijing encourage wealthy consumers to spend less. China has taken far-reaching measures to curb capital outflow and recover tax revenue.
Luxury brands such as Louis Vuitton, Dior, and Gucci are seeing their sales in China continue to decline, as new, stricter tax measures from Beijing encourage wealthy consumers to spend less. China has taken far-reaching measures to curb capital outflow and reclaim tax revenue. This means that Chinese citizens have to pay significant taxes on assets and investment gains abroad.
The sales of the twenty-five largest luxury brands in China fell by more than 10% in July, a month worse than June. This is the result of a survey published by Bloomberg on August 20 under the title "Luxury Sales Plunge in China as Tax Push Hits Rich Shoppers". This article Luxury sales plunge by more than 10% in China: Beijing's tax offensive reaches VIP customers first appeared on Luxe.net: Le magazine du Luxe et du savoir-vivre.
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