Chinese consumers are buying more luxury goods during the pandemic " but they're shopping closer to home, and European brands could feel the pinch
Published
Oct 18 2020 at 10:30 PM GMT
Key
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Points
- The pandemic hasn't slowed consumer spending on luxury goods " at least not in China.
- Three in 10 Chinese consumers spent more than usual on high-end retail between January and July, a poll by UBS Evidence Lab found.
- This is despite global luxury sales in the first half of 2020 being down around 30%, according to Daniel Zipser, senior partner at McKinsey & Company.
- Prada, Dior, and Gucci all reported rising sales in China in 2020, while revenues in other markets often stagnated or even dropped.
- Chinese consumers are spending a bigger proportion of their money on luxury retail as spending on tourism dropped during lockdown, UBS reported.
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- Published Oct 18, 2020 10:30 PM GMT