CRI听力:Chinese Domestic Luxury Market Sees Sales Slump in 2014 

A new report by U.S. consulting firm Bain suggests Chinese consumers spent nearly 19-billion US dollars on luxury goods last year.

The same analysis is also suggesting Chinese consumers are going to account for one-fifth of the world's high-end sales this year.

The report by Bain comes amid official words that domestic luxury consumption declined last year.

Luxury watch sales declined by 13 percent last year from a year earlier.

Bruno Lannes with Bain says they expect sales of luxury items to continue dropping this year.

"We saw for the first time a decline in the market, so the market contracted. Three main reasons for this. One is, of course, the continuous impact of the anti-graft. Second is the fact that Chinese consumers buy a lot of luxury products outside China, or now, because it's more convenient, also through 'daigou' agencies. And third we found that more and more Chinese are now interested by what we call it experiential luxury, which is enjoying good time in spas, resorts and cruises."

Industry observers are suggesting more and more Chinese consumers are opting for cheaper items amid the drive for frugality by the Chinese government.