Luxury brands roll out 50% discounts as Chinese shoppers rein in spending



ORIGINAL POST
Posted by Ed 13 mths ago
Luxury brands roll out 50 discounts as Chinese shoppers rein in spending image 1
 
Luxury goods are being discounted at rates as high as 50 per cent in China as middle-class shoppers rein in spending on big-ticket items and retailers grapple with overstocking.
 
The discounts in the country are being offered primarily by aspirational brands such as Versace and Burberry, as China’s once-voracious middle-class consumers become more frugal, according to industry insiders and experts.
 
Those brands had started selling their goods on local ecommerce platforms to capitalise on a boom in luxury spending during the coronavirus pandemic. But the ecommerce companies are now slashing prices to drive traffic in a slow economy.
 
Marc Jacobs was in early July offering a discount of more than 50 per cent on handbags, clothing and shoes on Tmall Luxury Pavilion, Alibaba’s premium ecommerce platform, while Bottega Veneta was offering a 24-month interest-free loan to purchase bags on the same site.
 

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