China may Lower Tariffs on Luxury Goods by 10%
China* may lower tariffs on luxury goods by 10% — International Finance News
The Ministry of Commerce is drafting a motion to lower China’s tariffs imposed on luxury import goods in an effort to boost sales revenue of the country’s luxury market, the International Finance News reported Thursday.
The draft, which will lower import duties on cosmetics, jewelry and leather goods, is expected to be announced by the end of the year and go into effect early next year, the newspaper said.
The newspaper reached out to the Ministry of Commerce but failed to get a reply from the authorities.
Generally speaking, the prices of luxury goods in the overseas market are 30 to 50 percent lower than those in the Chinese market. An AC Nelson survey found that Chinese outbound tourists consume a total of over US$3 billion each year, and their consumption volume is still increasing.
According to a Bain report, the Chinese luxury market will be growing at a speed of 20 to 35 percent in the next five years.
*China’s business press carried the following stories on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Source: China.org.cn (November 5, 2009)
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Incredible stats.
Interesting for French luxe products who have already a “good” brand / image in the Chineses minds.
Best regards
Claude
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