Luxury brand manufacturers fear lower demand from Chinese buyers

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Manufacturers of luxury brands fear that demand for Western goods from Chinese buyers will decline, Bloomberg writes. Purchases made by Chinese buyers coming to Europe accounted for about one third of all purchases of luxury goods. Shares of global manufacturers of luxury goods since the beginning of 2018 have lost 11%, or 150 billion of their value. Fears of manufacturers cause tighter control by the Chinese Customs over the observance of the rules for the importation of goods into the PRC. Customs imposed restrictions of just over $700 per person. Previously, prices for luxury goods in China were 60-80% higher than European prices. This year, China reduced tariffs for the import of such goods by 2 times, which, according to experts, will allow the Chinese to purchase them in their own country.

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