sale of luxury food gift boxes in china plummet amid graft sweep

by:Changda     2020-06-11
Beijing, December 26Reuters)-
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 said that during the Chinese New Year\'s Dragon Boat Festival every year, a box of rice cakes wrapped in reed leaves could sell for 2,888 yuan ($480).
\"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. ($1 = 6.
RMB 0714)(
Reports from Adam Rose
Paul Tait editor)
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