Chinese brands face luxury shortfall

BEIJING: Luxury products made by Chinese firms are facing widespread consumer indifference, despite rapidly-growing demand for high-end goods and services.

Xiong Xunlin, deputy secretary-general at the China Chamber of International Commerce, has predicted that luxury product sales will rise to $27bn for China by 2015, China Daily reports. This would mean that the world's most-populous nation will account for one-fifth of the sector's total annual sales.

But Xiong also said that the main driver of this growth would be foreign-owned brands, despite China's traditional status as the "king of luxury products".

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