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Anti-Graft Drive Hits Luxury Buying in China

Luxury buying has by far outpaced China's growth over the past decade. The country's consumption of luxury goods rose at an average of 27 percent between 2007 and 2012, nearly three times the country’s average economic growth during that period. But an aggressive anti-corruption drive and China’s broader economic slowdown has created challenges for luxury goods makers. Last year, China's luxury market descended into negative territory for the first time. In its recent...

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