China’s richest shoppers hold the key to luxury’s future
Big bling’s fortunes are inextricably linked to China, whose shoppers are estimated to have accounted for 17 per cent to 19 per cent of global spending in 2022.
Are Chinese shoppers about to embark on another wave of revenge spending? Don’t count on it.
As China moves away from its long-held zero-COVID approach, the luxury industry (and its investors) hopes the country’s reopening will make up for a sputtering US, which has been the engine of high-end growth for the past two years. But the path to easing is likely to be volatile, both in pace and subsequent COVID-19 spikes, so there are reasons to be cautious.
