China cuts back on French luxury items

on August 20 2014 | in Daily Headlines | by | with No Comments

France is feeling the pinch of a decline in demand of cognac from China, its largest importer. Worldwide sales of the brandy during the past year fell 6.7 percent by volume and 10.2 percent by value, the National Inter-professional Bureau of Cognac (BNIC) said on Tuesday.

Since an anti-corruption drive at the end of 2012, the Chinese have cut back on expensive value-added products. This has put a damper on the consumption of high-end products like cognac.

But China has also built up its own stocks by local retailers, which has further contributed to a slow-down in exports of the French product.

According to BNIC exports of cognac to the Far East dropped by about one-fifth in the past year.

Read more at RFI.

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