China's voracious appetite for luxury goods is starting to wane as wealthy buyers succumb to nervousness about the country's slowing economy and the government cracks down on corruption that often takes the form of pricey gifts.
中国对奢侈品的巨大胃口开始减弱,原因一是有钱的买家开始对不断放缓的中国经济感到不安,二是中国政府在打击贪污腐败,而腐败常常藏身于价格不菲的礼物当中。
Sales of everything from gold watches to leather handbags are declining, although they are still robust by global standards. Nevertheless, the downturn is a blow to the world's luxury-brand companies, who once considered the Chinese market to be immune to the economic malaise afflicting their business in Europe and the U.S.
无论是金表还是皮质手袋,所有奢侈品销售都在减速,尽管按照国际标准,其势头仍很强劲。不过,这种下行趋势对全球奢侈品公司来说仍是个沉重打击。这些公司曾一度认为中国市场不会受到困扰其欧美业务的经济不景气的影响。
In the latest sign that red-hot sales are cooling, shares of Chow Tai Fook Jewellery Group Ltd., the world's largest retailer by sales, fell 8.7% in trading in Hong Kong Thursday after it reported late Wednesday that its revenue rose 16% in the three months ending in June. That compares with annual income growth of 61% for the 12 months through March. Nearly all the company's more than 1,500 outlets are in Greater China, which includes the Chinese mainland, Hong Kong and Macau.
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