China's rich are turning their backs on flaunting their wealth as the economy faces headwinds, putting the country's luxury market under pressure.
China's rich are growing more cautious about flaunting their wealth as the economy faces headwinds, putting the country's luxury market under pressure.
"Wealthy customers are afraid of being seen as too ostentatious or too showy," Claudia D'Arpizio, partner partner and global head of fashion and luxury at Bain & Company, told CNBC in a separate interview.
"We call it luxury shame similarly [to] what happened in the U.S. in 2008-2009," D'Arpizio said.
"Even people that can afford to buy these products have less willingness to do so, [in order] not to be seen as really buying or wearing very expensive products."
Persons:
Derek Deng, Claudia D'Arpizio, D'Arpizio
Organizations:
Bain and Company, Bain &, Bain & Company, CNBC
Locations:
China, U.S