WHY CHINA’S RICH ARE NO LONGER FLAUNTING THEIR WEALTH IN CHINA
CHINA LUXURY NETWORK INSIGHTS
“The delegates to the twin meetings of China’s rubber stamp parliament, the National People’s Congress, and a powerless advisory body called the Chinese People’s Political Consultative Conference, this year included 83 billionaires. This Chinese superclass tends to be well connected to the country’s top leaders, sometimes by blood. And they used to arrive at the “two meetings,” which are covered heavily by the loyal state-owned media, clad in designer suits topped with fancy accessories.
But in yet another bad sign for global luxury retailers, this year’s rich delegates are leaving all obviously expensive accoutrements at home, as these images show (text in Chinese). Luxury retailers’ great success in China could be reversed under Xi’s anti corruption drive which has scared top businesspeople and officials into hiding their wealth to guard against any future graft crackdown.”