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02.26.2013 19:26

China's Frills and Posh Market Springs a Leak

Wealthy Chinese consumers continue to drive global demand for luxury goods, but the engine is losing steam
By staff reporter Qu Yunxu
 
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(Beijing) -- Imagine a luxury goods shopper so confident and flush with cash that one day he walks into a Shanghai handbag shop, flashes 300,000 yuan, and waltzes out with almost every bag in stock.

That's what happened last year at a Prada store where Benny Lu worked as a clerk. The customer "entered the shop and pointed to the shelves," he recalls. "Then he said, 'Except this one and that one, pack all the others.'"

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