After years of flooding luxury stores from New York to Paris to snap up handbags and watches, Chinese consumers are shopping more at home, according to The Wall Street Journal. In constant dollars, sales of personal luxury goods in mainland China rose 4% in 2016 and will increase at an even faster pace this year, predicts Bruno Lannes, a Shanghai-based partner at consulting firm Bain & Co. High-end names such as Burberry and Louis Vuitton are experiencing a surge in sales in mainland China as the government taxes overseas purchases and some luxury brands lower prices in China to bring them closer to those elsewhere. The yuan’s depreciation and recent terrorist attacks in Europe are also deterring Chinese from traveling internationally, boosting luxury purchases on the mainland, some analysts say.
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