Western luxury falters in China

Western luxury brands have lost roughly $280 billion in value this year as Chinese consumers spend more on domestic products but less overall. Chinese producers are increasingly competing with Western challengers not only on price but on quality as Beijing looks to shed the shoddy reputation of “made in China.” Chinese companies are gaining global market share in industries long dominated by Western firms, including high-precision lenses and pharmaceuticals. That has brought interest from US and European investors. However, the “ soaring ” similarity in the export baskets of China and the West could add to already high trade tensions, an expert at the Council on Foreign Relations argued.