Not only is growth in the mainland Chinese economy slowing after the stratospheric rates recorded over the past two decades, but it is coming down from such a level that luxury companies may well be the first to experience a "hard landing." Luxury goods sales in mainland China contracted for the first time last year, according to a study by Bain & Company. Many observers believe that the cracks in the economy over the past year augur something far worse than a temporary market shock.