Luxuries cost nearly 8% more
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Shanghai Daily, July 26, 2011
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China's wealthy fork out 7.7 percent more for luxury consumer products so far this year than a year earlier due to growing demand. |
China's wealthy have forked out 7.7 percent more for luxury consumer products so far this year than a year earlier due to growing demand, import duties and fluctuating exchange rates, Hurun Report said on Monday.
The costs of renting private aircraft and prices of yachts rose the most by 20 percent, followed by prices of accessories and cosmetics which jumped more than 16 percent. But prices of high-end furniture fell 12 percent, the report said after comparing prices of 61 goods and services as of June 1 from a year earlier.
"Luxury consumer prices rose in the last year as wealth continued to be created in China, triggering increased spending on luxuries," said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.
France's L'Oreal and United States-based Estee Lauder have raised prices of their high-end cosmetics by 8 to 20 percent since January as they blamed rising costs. Other luxury brands, including Cartier and Hermes, have also increased prices since May.
During the period, the Swiss franc gained 28.6 percent against the yuan, the euro rose 11.7 percent, and the pound added 8 percent. The greenback and the Hong Kong dollar both fell 5 percent against the yuan.
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