The economic slowdown is now also hurting the confidence of the luxury consumers, concludes rich-list founder Rupert Hoogewerf or Hurun, based on the 2012 Hurun Luxury Price Index, quoted in the China Daily. Growth is the lowest in six years time.
The China Daily:
The Hurun Report index noted a 4.94 percent increase in the cost of luxury goods bought byChina’s wealthiest group, 2.72 percent higher than the national Consumer Price Index, a major gauge of inflation, which experienced a 0.6 percent drop in June.
The Luxury Consumer Price Index is based on the prices of a basket of 62 luxury goods and services in nine categories over a year’s time.
However, the rate of luxury inflation fell 2.79 percent compared with last year’s Luxury CPI increase of 7.73 percent, showing the slowest growth in the past six years.
“The slowdown in the economy has knocked the confidence of the Chinese luxury consumers,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
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