Saturday, 22 August, 2026
Tax Crackdown Silences Splurges as China's Rich Cut Spending
By TechShots Studio
Sales across China’s top 25 luxury brands plummeted over 10% in July as Beijing stepped up scrutiny on offshore wealth, investment gains, and capital outflows. Tighter cross-border financial controls—combined with a weakening stock market—have severely dampened spending among high-net-worth consumers. Major fashion houses like Louis Vuitton, Dior, Gucci, and Hermès all reported sharp sales drops, threatening the region's broader luxury market recovery.
Read full story at LIVEMINT