The uneven recovery of luxury spending in China: A tale of contrasting consumers ...Middle East

China’s luxury market has witnessed a varied revival in the wake of the COVID-19 pandemic, revealing notable disparities in consumer behavior. While affluent elites have continued to indulge in luxury purchases, the middle class has encountered economic setbacks and an elevated youth unemployment rate, leading to significant changes in their luxury spending patterns. “While the recovery is palpable, its impact will take time to manifest,” says Jonathan Siboni, founder and CEO of Paris-based data intelligence firm Luxury Insight. “Aspirational shoppers are more sensitive to consumer sentiment, whereas ultra-high-net-worth individuals (UHNWI) are relatively impervious to external influences.

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The uneven recovery of luxury spending in China: A tale of contrasting consumers ...Middle East

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