PARIS, Jan 22 ― The European luxury sector is welcoming the end of pandemic lockdowns in China, as the return of big-spending Chinese tourists could sustain further...
PARIS, Jan 22 ― The European luxury sector is welcoming the end of pandemic lockdowns in China, as the return of big-spending Chinese tourists could sustain further growth.
Their return has led RBC bank to revise up its growth forecast for the sector this year to 11 per cent, from seven per cent previously. Another pleasant surprise was Europeans “who had been ignored for decades... and were more interested in luxury goods than expected”, said Erwan Rambourg, a luxury industry insider turned analyst and author of the book “Future Luxe: What’s Ahead for the Business of Luxury”.With the lifting of travel restrictions in China “there will be a considerable return of Chinese tourists but that will be more likely in the second quarter”, said Arnaud Cadart, a portfolio manager at asset manager Flornoy.
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