We’ve previously noted the changing dynamics of China’s culture of gift-giving, hastened by Beijing’s recent crackdown on excessive spending by government officials, but this week, a new Hurun Report survey finds that two luxury segments in particular — luxury watches and Chinese spirits — have been the hardest hit. According to the Chinese Luxury Consumer Survey 2013, which surveyed 551 Chinese millionaires with net worth of over 10 million yuan, leading baijiu brand Moutai has fallen out of the top 10 brands ... Read More