Recent trends in luxury buying in China show a shift towards demure luxury and safe shopping experiences In April, as the lockdown eased in Wuhan, China, and its citizens began to come out of isolation, market watchers noticed a curious phenomenon: Sales of luxury items were skyrocketing.
Within a few days of reopening on 7 April, French brand Hermès’ Guangzhou flagship store reported sales worth $2.7 million (around ₹20 crore now).
Gucci, Prada, Louis Vuitton and Estee Lauder reported a similar trend from that country. This behaviour, known as baofuxing xiaofei, or “revenge buying", has become a buzzword in the luxury segment.