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The luxury industry lost 70 billion dollars after China said it will adjust excessive income

China, long expected to be the world’s largest consumer of luxury goods, may have a different future after all. The country, which last year saw sales of luxury rise 48 percent to about 54 billion dollars, said it wants to adjust excessive incomes and see its national wealth more equally distributed. China currently has one of the world’s...

Aug 27, 2021