China's shoppers may be gearing up for the Lunar New Year gift-giving season, but that may not benefit the mainland's luxury players much, Goldman Sachs said.
The reason? The mainland's anti-corruption efforts are likely to intensify, not just plateau, Goldman said in a note.
"Recent policy comments suggest an intensification of efforts, particularly in terms of stricter supervision and firmer punishments," it said. The anti-corruption language in the Third Plenum is firmer and more comprehensive than previous comments from President Xi Jinping and the recently released anti-corruption five-year plan adds more reform focus areas, including supervision and enforcement, it said.
(Read more: Logo fatigue? Chinese now want understated luxury)
