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Will China’s bazooka save the luxe sector?

Samantha Chiew and Goola Warden
Samantha Chiew and Goola Warden  • 12 min read
Will China’s bazooka save the luxe sector?
With rising interest rates and geopolitical tensions, will the rich continue to buy?
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Orchard Road buzzes with both locals and tourists on weekends, while weekdays are unexpectedly lively, especially for luxury retailers. On a typical Friday afternoon, shoppers can be seen browsing the first and upper levels of ION Orchard, which features major luxury brands.

These luxury brands with handbags costing thousands and jewellery that can go up to millions are not for the mass market, targeting only the high-net-worth individuals (HNWI) who can easily afford a four-figure bag and a weekday afternoon shopping trip.

Speaking to a staff of one of the luxury brand stores, The Edge Singapore understands that while September is not the busiest period of the year, the brand does see its loyal customers, mainly Singaporeans, coming by the store to make purchases.

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