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PRICE PRESSURE: The inflation of luxury goods' prices in China is starting to cool, according to a new study from China's Hurun Report, the country's answer to Forbes magazine.
China's Luxury Consumer Price Index (CPI) rose 1.52 percent over the last 12 months through June 30 compared to the year earlier period, Hurun said. That growth is down sharply from the 4.94 percent growth posted in the June 20, 2011 to June 20, 2012 period, according to the magazine.
This year's growth rate represented the slowest rate of growth in seven years — lower than both the rate of inflation and China’s general CPI over the past year.
The study involved a survey of the prices of 77 items across China’s luxury industry. Out of these items, 13 saw a drop in price and 28 saw prices rise, while 36 remained stagnant.
Market segments that are traditionally “gifted” in China, including alcohol and tobacco products, as well with watches and jewelry, suffered as a result of the government’s crackdown on corruption. The watch and jewelry sector saw prices decline 0.85 percent.
Luxury categories that are not generally reliant on gifting saw more robust growth, with beauty and skincare up 4.63 percent.