SHANGHAI/PARIS : China's five-day Labour Day holiday in early May was once a good excuse for a quick European jaunt - with a side of luxury shopping on the agenda. But with flights remaining limited after China's border reopening in January, European luxury stores will need to wait longer for the return o
SHANGHAI/PARIS : China's five-day Labour Day holiday in early May was once a good excuse for a quick European jaunt - with a side of luxury shopping on the agenda.
Air ticket prices from China to Europe are up to 80 per cent more expensive than pre-pandemic, according to travel data firm ForwardKeys, and the number of travellers over the May holiday period was 64 per cent lower than in 2019. Cartier-owner Richemont, Hermes and LVMH were best placed to benefit from wealthy Chinese shoppers, UBS added.
Overall, luxury companies are focusing on courting wealthier shoppers with higher purchasing power, including at Gucci-owner Kering, which is banking on new ultra-high-end"salons" offering merchandise priced at up to $3 million. Imke Wouters, retail and consumer goods partner at consultancy Oliver Wyman, said discussions with sales staff in Hainan revealed that as many as 70 per cent of those shopping for high-end goods on the tropical island were making their very first luxury purchase.
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