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Spending Tag

30 Jan

Revenge Spending Returns for Chinese Latest Yr

by Beauty Tips
Fashion, Featured
China had a blockbuster Latest Yr because the country reemerged from three years of lockdowns and COVID-19 woes.  Based on the most recent data from the National Taxation Administration, retail sales in the course of the week-long Chinese Latest Yr, which ran from Jan 21 to 27, increased greater than 12 percent in comparison with the 2022 holiday season.  In Hainan, China’s duty-free island, every day average sales exceeded 350 million renminbi, or $51.8 million, which is greater than triple that of pre-pandemic levels. Sales at 12 duty-free shopping centers totaled 2.57 billion renminbi, or $380 million, during certainly one of China’s most vital holiday seasons. Consumers select perfumes at a duty-free store at Haikong Global Boutique Duty Free City in the course...
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23 Dec

No. 3: China Lockdowns Dent Luxury Spending, Brands Look

by Beautifaire101
Beauty, Featured
The Chinese fashion and luxury market has had a rough yr. Waves of strict lockdowns throughout 2022, especially the two-month-long one in Shanghai, wreaked havoc on fashion spending. Within the six months that ended June 30, LVMH Moët Hennessy Louis Vuitton said it saw significant gains in Europe and the U.S. but experienced “severe double-digit declines” in China. Kering Group, whose sales rose 23 percent year-over-year in the primary half, concluded that the Chinese market was “improving but still unstable” after a powerful global retail performance that offset losses within the second quarter in China. Compagnie Financière Richemont’s jewelry division grew greater than expected in the primary half to Sept. 30 but in addition witnessed double-digit sales declines in China. Swiss...
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