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When luxury becomes affordable

During my flight to the Taiwan’s Latern Festival I yesterday read a short but interesting article in the Financial Times. It seems that luxury food supliers are going through a hard time at the moment.

 

According to the report Chinese government officials have strongly cut back the spendings for this year’s festivities around the Chinese new year. Up-scale restaurants in Bejing lost around 30 per cent, in Shanghai 20 per cent, during the new year season. The FT is citing these numbers from Xinhua, the state news agency. These numbers are disclosing the big deal of chief officers supporting the luxury service business. Furthermore they are a sign for the high degree of awareness regarding corruption issues at the moment. It looks like officials are very keen in this moment not to make headlines in a negative consens. The FT cited a western business man telling them that it has even become hard to find any civil servants VIPs to invite. Do they fear traps?

 

However, as much as this could be either regarded as a success of the system critics, there are other winners, too: The overall restaurant spending rose by 5 to 18 percent. And prices of luxury drinks have become more affordable now. The prices for the famous sorghum liquor Maotai fell about 30 per cent, according to the ministry.

 

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