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Business trends

Where to spend it: Chinese luxury buying moves closer to home

Tax cuts help high-end brands extend reach despite economic slowdown

The Plaza 66 shopping mall in Shanghai counts global luxury brands among its tenants. (Photo courtesy of Hang Lung Properties)

HONG KONG -- A slowing Chinese economy does not seem to have stopped consumers from buying luxury goods, but they are increasingly spending their money not in upscale boutiques overseas but at local shopping malls.

LVMH -- the world's largest purveyor of luxury goods, with brands like Louis Vuitton and Hennessy -- saw sales growth accelerate in China during the last three months of 2018, even as economic growth dropped to the lowest annual pace in 28 years.

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