Shuli Ren, Columnist

Why We Chinese Love Our Gucci Loafers

Even in the leanest of times, mainland shoppers will still budget for luxury classics.

February 3, 2019 at 10:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

There’s a slowdown somewhere.
Photographer: Hanna Lassen/Getty Images AsiaPac

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Boom or bust, we Chinese love our Gucci loafers.

There seems to be a disconnect in China’s consumption story. As the country prepares to celebrate the Year of the Pig, few are feeling joyous. Last year was so bruising: The stock market staged one of the world’s worst routs, Beijing’s deleveraging campaign crippled private enterprises and investment bankers are expect ing lousy bonuses. Even in the red-hot technology sector, there’s talk of massive layoffs.