, Columnist
Revenge Is a Dish That's Off the China Menu
The snap-back in spending on luxury goods is likely to fade.
It’s payback time.
Photographer: Kevin Frayer/Getty Images
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China’s high-end consumers aren’t going on a “revenge spending” spree. They’re just bringing their love affair with luxury brands home.
A surge in China sales for stores operated by the likes of LVMH and Hermes International has spurred optimism that consumer demand will snap back as the lockdowns lift. The reports offered a glimmer of light amid data showing that China’s retail sales plunged 15.8% in March from a year earlier.