Wealthy Chinese Selling Their Luxury Items for Quick Cash Amid Economic Downturn

Wealthy Chinese Selling Their Luxury Items for Quick Cash Amid Economic Downturn
Chinese Women view the bags they bought at a Louis Vuitton flagship store in Shanghai, China, on March 10, 2006. China Photos/Getty Images
Ellen Wan
Updated:
0:00
China’s luxury sector is in decline, with an increasing number of wealthy people selling their designer handbags or watches for extra cash.

China observer Xia Yifan told The Epoch Times on Aug. 5 that Chinese consumers, including the wealthy, are reluctant to buy luxury items because they don’t have enough money and even have to sell their luxury goods to maintain their living standards.

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