Luxury market cooling down

Sales of high-end watches, men's wear suffer biggest drops due to frugality drive

The government's anti-corruption and frugality campaign has been cited as one of major factors dragging down growth in the country's luxury goods market.

Growth in luxury spending on the Chinese mainland is expected to cool to just 2 percent in 2013, down from 7 percent last year and a staggering 30 percent in 2011, according to Bain and Co's annual China Luxury Goods Market Study published on Tuesday.