Luxury goods are being discounted at rates as high as 50 per cent in China as middle-class shoppers rein in spending on big-ticket items and retailers grapple with overstocking.
The discounts in the country are being offered primarily by aspirational brands such as Versace and Burberry, as China’s once-voracious middle-class consumers become more frugal, according to industry insiders and experts.
Those brands had started selling their goods on local ecommerce platforms to capitalise on a boom in luxury spending during the coronavirus pandemic. But the ecommerce companies are now slashing prices to drive traffic in a slow economy.
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