sale of luxury food gift boxes in china plummet amid graft sweep
by:Changda2020-06-10
BEIJING (Reuters)- Chinese state media say sales of Chinese luxury gift boxes fell sharply in 2013, a reversal of the ruling Communist Party. Corruption has had an impact on consumer behavior. A member of the China Food Industry Association told the official Xinhua news agency late Wednesday that sales of gift food fell by about 40% in 2013, according to estimates. Weng Yangyang, a senior official of the rice cake industry association, said sales of traditional rice cakes had been particularly hit. Xinhua News Agency said that a box of rice cakes packed with reed leaves can be eaten during the Dragon Boat Festival every year for a price of 2,888 yuan. \"For food companies that rely on selling gifts and looking for high profits, market share has fallen more and times are tough,\" Weng said . \". Luxury gift boxes containing foods such as premium alcohol, nuts or traditional moon cakes are a necessary part of doing business in China and can be used as a form of soft bribery. However, since taking over the Communist Party and government in November 2012, President Xi Jinping has vowed to fight corruption. A year ago, the government launched a campaign against extravagance and waste aimed at reducing gifts and banquets. Gold demand- Moon cakes with shark wings and other luxurious pastries disappeared during the Mid-Autumn Festival. This year\'s Mid-Autumn Festival prefers less conspicuous gifts. ( Reports from Adam Rose Paul Tait editor)