Luxury Industry Slows as Chinese Cut Back

Sales of luxury goods are expected to tumble this year, as China’s big spenders are cutting back. According to business consulting firm Bain & Company’s annual “Luxury Goods Worldwide Market Study”, luxury goods sales are set to rise by 5% globally this year to $275 billion at constant exchange rates, compared to 13% last year. Luxury goods sales in China are projected to grow by 8% at constant currencies, down from 30% last year. The report cites recent changes in China as affecting China’s shoppers, who make up a huge portion of the luxury industry’s growth. China’s leadership transition and crackdowns on corruption are mentioned as two factors. Yet Chinese consumers still make one in four purchases of personal luxury items in the world. China has surpassed Japan as the second larges

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00Fast News, Latest News, Breaking News, Today News, Live News. Please Subscribe! Cancer treatment waiting times worst in a decade CANCER waiting times are the worst for 10 years as new figures showed 13 per cent of patients who…

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China’s Overlap Between Labor and Prisons

The Christmas shopping season is almost over. For many shoppers around the world, a lot of what they see will have this label: Made in China. For over a decade, China has turned into the world’s factory, thanks to a penal system that provides super-low cost labor. [Lu Jianhua, Former Slave Labor] “The prison guards tell us we’re slaves. They use whips and electric batons to make us work. We are never able to finish quotas, and they squeeze what they can from us.” Lu Jianhua spent four years in the Shenyang First Women’s Prison in Liaoning province. It’s not an ordinary prison, though. For international traders, this place is also called the “Shenyang Zhongji Enterprise Company, Limited.” According to online searches, the two places share the same address. This e-commerce website says t

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