• Chinese consumers are buying more luxury goods during the pandemic - but they're shopping closer to home, and European brands could feel the pinch

    10 days ago - By Business Insider

    Summary List Placement
    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...
    Read more ...