Luxury spending in China is expected to rise, but what Chinese are buying is changing

Despite the slowdown in spending and the Chinese government’s crackdown on luxury giving, consumer confidence remains high.

According to The China Luxury Forecast, released by Ruder Finn and Ipsos Group, 90 percent of the approximately 2,000 respondents plan to increase or maintain their spending on luxury goods, reports China Daily. However, luxury spending patterns in China are changing.

The survey found that the government’s crackdown on luxury gifts has been very successful. Only 12 percent of those surveyed admitted to purchasing luxury items for friends or business colleagues.