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‘Demonization of the rich’ hurting luxury sales

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The recent pullback in China’s economy and uncertainty about the U.S. stock market have left the luxury industry feeling less than confident.

But while these events have no doubt bruised affluent shoppers’ psyche, experts said they’re just the latest in a set of broader issues that are keeping a lid on luxury growth.

Growth in the U.S. market came in below expectations during the first quarter as tourists balked at the rising strength of the dollar, consultancy Bain said in its spring update on the state of global luxury goods.

In mainland China, ongoing restrictions on gifting continue to weigh on the market, which Bain predicts will decline between 2 and 4 percent this year. …

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CNBC  9/15/2015

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