Oddbean

‘Luxury shame': China's rich shy away from flaunting their wealth amid economic jitters ========== China's wealthy individuals are becoming more cautious about flaunting their wealth due to a challenging macroeconomic environment, sluggish GDP growth, and weak consumer confidence. This trend, known as 'luxury shame,' is impacting the country's luxury market. Wealthy customers are afraid of being seen as too ostentatious or showy, leading them to opt for more subtle and less visible luxury goods. The Chinese government's push for common prosperity and crackdown on 'wealth flaunting' has also contributed to this trend. Despite the global personal luxury goods sector expected to grow modestly, China's luxury market is struggling and overall contracting. #China #WealthyIndividuals #LuxuryMarket #EconomicUncertainty https://www.cnbc.com/2024/07/16/chinas-rich-shy-away-from-flaunting-wealth-amid-economic-uncertainty.html