Corruption crackdown slows New Year's gift giving

The impact of a top-to-bottom crackdown on corruption and lavish spending is taking a toll on gift giving more than a year after party boss Xi Jinping launched the push for austerity, Financial Times reported. The Hurun Report, chronicle of all things wealthy in China, said in its 2014 Luxury Consumers Survey that 25% fewer people plan to give a gift over $826 at Chinese New Year than last year. Overall, their average luxury spending fell by 15%, from about US$292,000 last year to US$248,000 this year, “possibly due to the impact of anti-corruption initiatives and a slowdown in the economy,” Hurun said.