Business
Why go to Paris when you can buy Hermes in Hangzhou? – Hindustan Times
Buying luxury at home is the new normal for Chinese shoppers. All the big fashion houses will need to adapt.
Even as China makes its way through a bumpy Covid-19 recovery, the countrys big spenders are splashing out. Luxury brands should pay close attention to where their cash is going. Right now, thats at home.
The share of Chinese consumers high-end purchases made in mainland China more than doubled from 32% in 2019 to over 70% in 2020, according to Bain & Co. Luxury auto sales were resilient through the latter half of last year. Pricey and ultra-premium alcohol remained in demand. Fine wine prices,…
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