China BANS! Television ads for Luxury Products
AFRIK UPDATE
China has banned advertisements for luxury products on its official state radio and television channels.
The move is an apparent attempt to douse growing social frustration in the wealth gap between the country's rich and poor -- and to stop corruption conducted through luxury gift-giving.
“High-end watches are one of the categories
targeted by China's new ban on luxury product commercials”
China has banned advertisements for luxury products on its official state radio and television channels.
The move is an apparent attempt to douse growing social frustration in the wealth gap between the country's rich and poor -- and to stop corruption conducted through luxury gift-giving.
Such ads had
"publicized incorrect values and helped create a bad social ethos,"
said China's television watchdog, the State Administration of Radio, Film and
Television (SARFT), reported Xinhua, the country's official state-run news agency.
The ban includes
commercials for high-end watches, gold coins and rare stamps and comes on the
eve of China's Lunar New Year celebrations that begin this weekend. The
holiday, compared to Christmas in the West, is a time of intense gift- and
money-giving.
Share prices of Burberry, LVMH, Richemont and Chow
Tai Fook, the world's largest jewelry marker, all fell after Beijing announced
the ban.
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