Bored after months of strict social distancing measures and unable to vacation overseas, wealthy Chinese consumers are seeking comfort in retail therapy. This bodes well for dozens of luxury goods makers whose growth was fuelled by China’s increasing affluence in the past decade.
Chinese consumers are back to binging on luxury handbags, cosmetics and cars. But this shopping enthusiasm is not extending to mass consumption in sporting goods, beer and restaurants.
An uneven recovery is under way in China as the world’s biggest consumer market also becomes one of the first nations to rebound from the coronavirus pandemic that continues to ravage the global economy.
