China: a lifting of restrictions favorable to luxury?

After a “Zero covid” policy, China is slowly (but surely) lifting some restrictions since last Wednesday. Good or bad news for luxury and other sectors?

China has finally lifted some health restrictions. The population of more than 1.4 billion inhabitants can now move around more freely, without tracing their movements and finally resume a more or less normal life. Little by little, tourists will be able to fly to the second largest country in the world again, and walk the streets in search of luxury.

Galeries Lafayette sells the BHV Marais

But we are not there yet. For the moment, a large part of the Chinese population sees this lifting of restrictions as a risk, not a relief. Many are rushing to pharmacies rather than stores for fear of running out of medicine. Others prefer to stay at home, in partial confinement, to avoid any risk of illness. This caution shows why analysts do not expect a strong rebound in spending in China.

In some luxury groups such as LVMH, or in some sectors, such as fast food with players like McDonald’s, Starbucks or Yum China, things have improved somewhat.

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