Swatch Group shares hit their highest level in nearly two-and-a-half years on Tuesday after the world’s biggest watchmaker said it expected a recovery in luxury demand from China.

Primark reported better-than-expected trading over the Christmas quarter as shoppers returned to stores, parent Associated British Foods said on Tuesday, but cautioned economic headwinds may dent consumer spending in 2023.

The focus of the luxury industry is shifting back to China, with hopes that its high-end spenders will once again splurge on designer goods during Lunar New Year festivities as Beijing relaxes COVID curbs after three long years.

The UK-based luxury resale company announced the £7.5 million ($9 million) raise Monday.

Some stores in via Montenapoleone, the heart of Milan’s most exclusive shopping area, are displaying clothes and accessories dedicated to the Lunar New Year after two years disrupted by the pandemic even though Chinese tourists are yet to return in big numbers.

Zilingo Pte is set to enter liquidation, capping a months-long crisis that shocked Asia’s technology and start-up industries.

UK retail sales fell unexpectedly last month, capping the worst year on record after a cost-of-living squeeze forced consumers to pay more for fewer goods.

Nordstrom Inc slashed its annual profit forecast after heavy discounting failed to sway people shopping at its off-price Rack stores, leading to weak holiday sales and pushing its shares down 6 percent in after-hours trading on Thursday.