Luxury brands, which have been hit by weakening demand in China, are turning to other markets for sales growth. Falling GDP and crackdowns on luxury gifts have all contributed to the declining luxury market. The Chinese government has also stepped up efforts to curb pollution from its massive car industry, with a new law requiring automakers to install air filters that can be easily replaced after just one year.
Luxury brands, which have been hit by weakening demand in China, are turning to other markets for sales growth. Falling GDP and crackdowns on luxury gifts have all contributed to the declining luxury market. Analysts have suggested retailers have to shed old models of sales, like pricing and distribution, and embrace innovative new ways to attract young affluent customers who do not show brand loyalty.