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Boost to demand if luxury tax is reduced
By Zhu Shenshen |
February 15, 2012, Wednesday
|
Print Edition
Print Edition
CUTTING the tax imposed on imported luxury goods will create a "great demand" from Chinese consumers buying luxury watches in the domestic market, Hengdeli Group Ltd, the mainland's biggest luxury watch retailer, said.
Presently, Chinese buyers contributed more than 55 percent of the revenue spent on luxury watches in overseas markets like Hong Kong and London because of the low tax level on such goods, Shanghai-based Hengdeli said yesterday.
The Ministry of Commerce is mulling to reduce the tax on imported luxury products but discussions are still ongoing, the media reported recently.
Cathy Li, chief executive of the Hengdeli Group Ltd, said that a tax cut "will create a great demand."
As they accumulate wealth rapidly the Chinese are spending on luxury watches and other high-end products.
Last year Chinese consumers spent 212 billion yuan (US$33.65 billion) on luxury purchases, of which 60 percent were made overseas, according to Bain & Co.
Presently, Chinese buyers contributed more than 55 percent of the revenue spent on luxury watches in overseas markets like Hong Kong and London because of the low tax level on such goods, Shanghai-based Hengdeli said yesterday.
The Ministry of Commerce is mulling to reduce the tax on imported luxury products but discussions are still ongoing, the media reported recently.
Cathy Li, chief executive of the Hengdeli Group Ltd, said that a tax cut "will create a great demand."
As they accumulate wealth rapidly the Chinese are spending on luxury watches and other high-end products.
Last year Chinese consumers spent 212 billion yuan (US$33.65 billion) on luxury purchases, of which 60 percent were made overseas, according to Bain & Co.
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