Chinese luxury goods prices start to close gap with Europe

Renminbi depreciation, ecommerce and overseas travel put pressure on prices. The price premium of luxury goods in China over those in Europe has shrunk by a quarter in the past year — a trend that is driving up domestic luxury spending on the mainland. Chinese consumers are responsible for about a third of all luxury sales worldwide, making them a crucial target of … http://on.ft.com/2w2eZ0w

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