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Stuck at Home, Hong Kong’s Uber Rich Boost Luxury Sales

Chow Tai Fook store, Hong Kong.
Chow Tai Fook store, Hong Kong. (Shutterstock)

With residents largely unable to travel abroad without facing lengthy hotel quarantines upon arrival, many are spending big on luxury stays, jewellery and cosmetics, Nikkei Asia reports.

According to a survey by AI marketing firm EternityX, 61 percent of Chinese expats in the city said they were spending more in 2021 than they did last year; around three-quarters of those with an annual income exceeding HK$1.5 million (around $192,616)  were spending over HK$20,000 ($2,568) on luxury.

Hong Kong jeweller, Kunming Diamonds, has seen an uptick in sales from locals during the pandemic, with more customers than usual shopping for themselves. But the repatriated luxury spending is mostly happening among the city’s wealthy, many average citizens and low-wage workers are struggling.

Learn more:

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As protests re-start in a city that was once one of the world’s most important luxury and retail hubs, businesses have never faced more uncertainty.

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The State of Fashion: Technology