Chaos In Hongkong Has Greatly Dampened China'S Luxury Market.

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Xiaobian of the network introduced to everyone that the Hongkong mess had dampened the Chinese luxury market, and the turnover fell by as much as half.

Louis Vuitton, the largest luxury goods industry, lost 3% of its sales in Asia in the first 3 quarters of 2014, much less than the boom from 2010 to 2012.

The group's financial controller said he had noticed the negative impact of the Hongkong crisis on duty-free shops in the third quarter.

China's slowing economy and the government's strict control over extravagant consumption are letting luxury companies become lame ducks. They are used to making cash rich cows with increasing wealth and more brand conscious consumers in the second largest economies.

Bain, a consultancy, predicts that China's luxury market will shrink for the first time this year.

This will have a significant impact on the Swiss companies such as the peak group, the Burberry of the United Kingdom and Prada of Italy.

Many luxury brands are reining in their previous rapid expansion.

Bain said that China's economic slowdown, coupled with other factors, is putting the brakes on the global luxury industry.

Industry analysts say that the Chinese market has been leading the industry for several years, and "can not maintain such pace in the long run."

Although wealthy Chinese customers are still big buyers, their spending is more focused on holidays nowadays.

The company also complained that (China) eradicting extravagance and waste and frugal saving had made Cognac brandy, expensive wines and watches sold as gifts traditionally dismal.

Louis Weedon group said its sales of wine and spirits fell 7% in the first 9 months of the year.

Remy Martin said this week that its sales in the first half of the year were down 15.5% from its flagship store in the Chinese market.

Luxury goods in other Asian countries and regions are also affected by many reasons, including Thailand and Singapore.

But the biggest weakness in the industry comes from Hongkong, a global centre for ongoing protests.

In general, the turnover of 10% to 12% of the luxury goods industry can be estimated in Hongkong, and up to 20% for watches such as Swatch.

In addition to Louis Weedon's warning of the impact of the protests on their profits, the manufacturers of watches have felt the pain.

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Many streets were blocked by protesters, and retail sales fell by as much as half in the past few weeks.