China’s richest people have sharply cut gift-giving in the past year, as Beijing seeks to quash government officials’ lavish lifestyles underwritten by business largesse.
The Hurun Report, chronicle of all things wealthy in China, said in its 2014 Luxury Consumers Survey that 25 per cent fewer people plan to give a gift over Rmb5,000 ($825) at Chinese New Year, in two weeks’ time, than last year.
Overall, their average luxury spending fell 15 per cent, from Rmb1.77m last year to Rmb1.5m this year, “possibly due to the impact of anti-corruption initiatives and a slowdown in the economy”, Hurun said.
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