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GLOBAL 2016: Despite tax change, spending on luxury happens overseas

The relaxation of the import tax on luxury is intended to drive more domestic consumption. It also has the beneficial side effect of assisting in the anti-corruption drive by keeping funds within our borders. My sense however, is that there has not yet been a huge shift to purchase within China, compared with purchase abroad, which seems to be how the top end of luxury offerings are still purchased.

Alexander Runne
Chief Strategy Officer
Ogilvy&Mather Group, Shanghai