Retail
April 9, 2020
The impact of the COVID-19 pandemic on the luxury business has been huge. For China’s HNWIs, it has changed the what they spend their luxury dollars on. Image credit: Louis Vuitton. Composite: Haitong Zheng
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C\/eLgaDiuxucByuLaXqYTvyPAy7SV1nHzV1y6tIYHxDZdrpo0\/K1JzuHW1Vi8pMiWb2aOZ44LaXua922alMfBA8OwtFw2V2\/Qwt2rNjwMz9KaLbfdTkI71utitqpxsdwqZwa8P2SQrM5mcwJjZ4UY17+A7CYCEio69gorWKKUnfTJopbae4izSTQ290AdcbT6PEaWEubV3alJWmpglU3efUDByM\/wiTQsOH1EIooTDX2spSQvOlo9d5G6Wy8VtSsuTWrWR8sd1pdvkWlYt7E06P8M+5ZJaNZ6Gq2dJv68mezLXvsx6Iev31I+Wf6vdA\/9341VpS8pqHW1bnmHkFdI3kOaayhDn7tv\/oNibmayauoukM4RjTK1eA1+7X\/4DVi3RglrbKDwxIYKSRmDtAArj1zV7yzXEuzCdilLVbQNBbUkg11MEiyh05VNSvIf4axMf\/8vjnNtUky+MY2jSZhu8+EOcuxBYReKMXXCi4VJbGpsVqQkqwRIje8OoXDwVQ8Ef3zgkENjTXe+pkYA3hLqzTcEjBy8u2d2erTT4884jCxIYyzL615L0nfkZ1RoyTCgUZNu2EDT4LORJZI2VTpd6BT1rg3+Dvy41FAkay\/RLyjeCj+Q9HeQEk6Rto59IZc5M\/EbE8cjIZ2TWc\/15zKUglf\/\/e+cR6M8blsL+tTJeA9f+COHz2J5Yr96rDPYvn1\/KjejD3VFmCdPyc72+OWJbTWGS2jWX9H0v6a3Kn0wJcWhMB2S9TaGBvdJYjk4SjznWndFB\/7Aj\/DO2dgu7WMGOgYknl77AtjScgpHnnFc723GLvjJVLjvEYMLU5LQpVTyszi\/t4qTJK\/g4LjMrbrbpe2nITJkFEJ+IQbncDqHE2S+YpjPeqAvq3Ce4bQVON6clU+Y+rsif2WEZ8pBTmunb16Icv6NY0Y+yfnKmUti3h7KKDYj6jVpJUDmsjPm9w7yEl6wKEclQ3PNIViwzGa0Mku\/bcFrzTwUImtcjwAa\/l\/H6G1XC0xEk1PuT5oGEi1aAo5U4BuqxOx73sxTzBzB4kOnBsHNmQ4W\/E9YM4kXxP8cgmJRI3u2tpD8+gmk\/C0oCxqPgCOt5h5txU3VktP1xQcOuS0xRoqmBYbVNoSYDigFUGi1gzt4oCj3gxf3G0UczIP+LkxXtXSg1rsEYaNqj2KQFWDNpPXdkn3CtmzffUxc4dbamOY3BvYaeJoM64R5Lq\/UmG0qk3XPoWy7Y5TqQvgamlmKVOYxh4Z8t0Fr6IQJNtnZIQa4x3PkhoyQjyfxdRYT5xGOGYtqPUYX0JX0HafYDJoiiF+Fs6knWVkzsUizHFfBkyqyoSn9upWOFz9DVocPmkzbaalXRibNOKTh3RxAW3kE0CaxBizPDgEtwpeZeBPa\/bILonLEooA1WvhdNIxHza9mGlffmOrno1QVDguMJR3\/8sywMrQ5Jgax8Rar9b3xTppgQkuj0ErvTSU+XmJd6sRguYTCNmBIJlgx19m6mME+j6sAPtD9bYyaGPFNDbelOgLsSwcEb4GJmBoy1V7bVl\/FMvUlllQeGUe9OtC00HCtM99d9aU1YLPtwNwR7npmEARrS+pvcROMf8bpNDkz+SwlmgZTY1f4nG7GG\/eNKYJf9fN17BrXz\/8UTeEYVwq\/NTZn1xh5PpGv7Y7JEP87JnUKduW5lWhkRaEhP+KIPZHghGKuGPfxNSeywTMmfzi2s\/bYtL1h8NC8v5Ki+INl6HCQd+1inOd64pyMkiOmEXKQiDcwU97Km+o4a8ec6SwFGI0YxdDGshCaJxoSxIcNP8Rq7mrXE066Y233SD5by8zPWG60MuzcCjON0M+kymH9xfPrSzTnz443cOH+pg947NIRnQtFMT8LYCCjoXER+7P0GZiUUBN5S5wz5pSzM+1yPNHGpSgdLXl9AVRW0MEY+2SOAz6eTfolQ3sVsF1QL1g7WZG3T56pOJwjM+i5AyTrx1p\/XFlQ\/9s1SANzRLuDhqKlPoc0s3lVdjBa+LLK8X3yDwhnMqhKU1GIPfjQycc5cMId50Zi+dFVgQcdXx2nypMwe4XRbrkpPotx8IspWfZmuSR0VRbfzxwqJLOvuGrDhUbAk+cUDqyWXDH5jTyTlwh2tMTVKODexQO0CLU8ff8+p\/Us4ymuR3IAVtwnDS3v5phpiED4nAZH5+uOcOrWBCZnHiEudbYBlz1K\/Vb9iFoNHXift6q8Van+\/VO+qnBD+3SFLYSndx49zexpepuKHSYrcD+XODDNHtfhCysUwVOVP95cDpbXGsFUbocmdEQ4bLuN\/9eNACxIsxTJBgzAzhA91YhoVI7EVFzofD2Fkm9MDbRciIumPloj0BNljEUsVAtRsO9+9Z\/CS00V8fOyIUzDGASGaMpkiW8GF3lrn7ckhstI7ph6BOfthWbrIewNQhgNgYI3LlpiDWyB\/wNLlrCHolckuKaJePqP\/f5Ww9I555mytH1zKoA0D3s31DlhTcrB3NN7XWlcA4XmEQeB597gKNBMd6xH\/uU5b2Man83DBqEc55rvqICDHhS4orUvhG+dam0fCLUfmzn3uwHs9ZSkzDE5Iju06d8Ef1HnNM9d4pohX0FHwzHT0h20pRWKDFdzvEE64bfUXgwYgoEeBt84hie1+VMGEAuyLVevQQzkAlVERhJAX1Xaok+9qpManLKRgxRG\/qwdHhf1aWTmqoE8AC4rkeZ9+ZxJNXr4d0n+KT80YLTtsQgM5w45UK1nx9Q98c63kj+GCOcdR7MCT53ngbxiSgSdyaJfqdbV3h1jvMNEx\/8T+vXWeAiODlJRiMvVg038fWIWR3icxaFnMKop4aEsXXwoyM5ANHpQWkgegN3g4DpJr2eLRTWT2HXwBweLTCP6\/TL5D2P+E55OdlbSriy+lFdxdFqen0TjMiTHOaxWk0n5g48EOz5nmjU2+ofFyb9yJiltNIxXVGYjKHoCTXIdyGs2PqFj0xRpHMhEzbwcFYQ6GjI8uBUXyY1OQAA4bxc1NskhBWMuhmHTWb64wIBaZrqKq+qbdZmnzKPDY3hwk915xoCk1QYT5IKdSpQRMprAeYItmfjftFH7puxKLNRf5VPfrFOffp2bXfsKGGe7SIb9T7tCjXRyEUgE0rvGJ6HA7VmsjICFQ6Dx\/VzTrc6LhhClccSBM9XsP8XnwaQJ8p2++Sw8BkTvIBQww+kaoYZcFm9asQs5AQWKOa66e8MznAPyvMhUq+Xzrzm4fbLOeRNpGE0FVUvX+52cp8dkn8bYDy3198XbWVyB+07TNtHMF\/Ancrm\/GdBCyb\/T+QVLwXIAcoSxoRC2hHGpXqt9qbyIjxZrJYBrjSnjt3IU72ZMJPGQdHXJkdbIrmSjgLn4jloRgE1nHgFGuWRa+NmI54SicVIzKF8au0QXPiQshaiOKvRnDq\/rlIyMTbsLccl4jnAB0Ko\/BOd3ea4k\/7snfLv7LFVXTE2jQmIg94dUjV1csvGoMCP8Tb1OZs6o5LihDxmDlkYOghgsvExadwQRATW2w0s4CrYtkbAdOwTf8fGm7LCbz+Ff3V10F8e3YRk8DIQysmXjmUatD32usqnj6NN0I8fnCF2zZYnTdd0BpW85Sif0DOpopV8DQ9ry73B4pKti8aW3epS05DqnaqUjp7ZLY5NzA5lMCGuBf+7J9WNfS\/7RxNBjUeOjBexOJcuCh09vbamzmmmNj+r9JGGqCCnLufwqozAutds8mcNZWFpYDJy6ukEr+BxVRZQIU12Ve6K42nlD\/eD8YPEiZ\/xPmWgtz5VyvihWirc7mXWjxNkJGOMi4yAVuviFuxAV5oIseONJBfyM+\/mzGonIwEqpIYajEqIN7pRUsN5vCy0XT4jKc6fBUZyODY0rTPXULvnismi97eUxgNl1xcmG+tp6MW3K34KacderSpd4r\/9h5L+g+eJb\/Y5AZRfWN5nwfrVNStHMoRNJbANfgAHYuWdLJFDnofvpNOyySxeNCYM14s1gthspR6xYddJCgQxhC8A6Y\/\/pL\/zdxLfb0UKUaxfuSHrGg8WOSOX5tu7yMwLEyj5bBD9TIzgaYqX6kDlzSqXhkYrh7C0VwALx4uWMmEGg7daz6vfpQUZwTQG+JUibh8RzGfvcfSaSJyR1U3A7Q9gchXpPWhCHnuNTo2QS\/3s3PQ7lS1mZOu5kddqWy6byZjj\/I4hshUqkiGgRAcAGIwLqtASjbM42hcWm1KJnKjn+DWoKptRFLTDIxyhGveP7F0AHZzy0uR4JvRx09GmwPx3TTuwrpB+HoPDzKBxCgBT8dOlGumaSP9DiwNtyg9bZX5svKwBmx476M8hboaJUml8okTYPVF1nV9Buus41lyi1GIdVCDkBwFIrOb9YmtcT4Sqj5vVCNYPYLN56z8SlaS8saUeJ5LdM3VOTahpyeDwdA5dCir2Yr4rOH7a4mUtpmGMkEWlbj4Fdts\/og3G4lX7\/npeneEo+6N4YbmpGm3FhCGJrsKGBoWB9XwyLFsIc6qqqxZlR16UetA0CWSli6xT04doxTOivQ3ejKpBYjpsiGn4b7nScEBVySTz66ueKAv4J5WvO9hRGfMDbJayBLYYQy921erGH7g8ME\/09QzUUg4kiqQqVU4qHalqcfd2AZBm5gZmOJa0\/egfRDdx4mv3F3fr1uKXu1z\/Ec15dkpacsRF55FZBiseAhl+DwJoodET5kicioHrBSISZo0x86EcPGPod6GkYeK\/uC5nlr280qPv8OY3noVyF+ZWu0qhLZn5kYwLE3A7ngD\/LdP3QHVFApTKCMqYb8rlRVEzp6Ed5fwidibS8yWxTOb+RuuIxGro\/KDqIJwSHhW3czrWKeWaKdG5iKgm8R2rJ2WxIIXWmVvnN0QhZevo+noQuwEYHAJQL6kBMbzjcJPQ\/vMeGeTP9w5E5I82mfLyzybIJXTjyVMbegfPnzBO1iQpqux+ijtMhohkdWhTcdw8pNZlXaOT+tyxckKAmKbdd14XWxDm2caLo93Jav9i5InibvF0qjOJS8MpK07kP2ym1s+lYOAGue4Pf\/WF\/D5M4cdqvzzcFy5kiLvn7apbjSOhl4tgEsgD05VWIRbTLxAd0QgWGkeCNd2h6yDQjP94krQCkdRNn2ZtnVuaD\/IRbr1YI5aM3\/CjGlWAuJSZ137K8SSzqQWjE2p+Ex6JZSFmSlHn1mE+j9Cs\/CZA+R53+cPto6DD3IW4l89Mu4X0IhHTynPdZLBgt2MOtHhdCno7KUYQVz2KCAnfzHCukirh1\/v\/MAQNaIvIVuvT6NUMOiNeyYBn3IlAxkFfPQBC65IMztT4kspwg4MAQCtvYSa0EeIL339chy7Zh5KwduoP+s55Mr1E+52txbvO4Z3TvXt0EEyIQe\/SxNJKBdAIZ1y5ICWVNSafK+bkyoZEMklwpKTXjIem4sn5l+Tv14W2FWBgAYAOA6E5ZMfnPhRlfMco4hO29pgjtqVqn4ebuxM1Fn\/n\/Btvhpz0yICe4jwDQjapSAPGrHtqqusSYoYBTCv8wNeB1VYT5q1n9wH87HImzWxPMysCPN4X5Qv05Pbx2NpdtQ+9BOKUQaCJDERvO\/TxSC+LkObnT+CCu7MxJ1UZdUdqJSemsKYIn\/Hgt66ESrLSeYs3Jv3gqatCe27M3aWglNswD0pDQYzcMAsgg25TYgSA3DuP9qys3WF8flMecVUhX3U5Ano420EcADEE0AEO1CwxVe\/G3Rm+g06FuTIeuXffMCaLeEeP2Rr91QRksOmH7exLbOAELpvVncl2FYTun1HTLVlh3OJusn76xoFzJa2QgN6QcfliNLbYXMlgD2pB7q9ndPzXmhajBEoxzgYSnSktSVf8DFSCpX4fXGbThinP66jFMHgB0CHM8mDfphHhG8\/8w79Kn6fHHSH7z6ZiI5kGnQhVm\/DBq6XhMT1yrVrw1j6cR91NHQ5VxfYUJ0Swe+++G6U1GKZJa3f5qstq0Id6TmDnY0kwDfQ5dFOOhMiGp2IncGYrajdNVqJ18uOaOLgH7uU6Ulkr0E3oS3XWWpQ+8sfimkSVJVqtld98BdJpVWklb5c85Udh7KLDN\/vEpDlInRsZxKjSf0quuq+Y89U0LLvU3JVeXBValGNRaEw8P6Q2ce7N+MP1t370zJnOg6aqWvfh0TWKiKJWVI9OiEBneAhtnsc3Cu4NRZK8T8EV+K1GDHyOxJAVdBVdIh8gkPRaWu1E+v\/lHAyaP7rm6fkS5UKeixMGaspsb2kAE\/mOha6iGxJgHeEErxOmnQUYEHCGDeLchpR0VQXRplTM\/tXKZqy\/WB72\/GBG1XnwcuohaZGKmJnTGHKH\/DvxzSBHpXtVdRIFmiiKy9ARX3ehOh9S77yxC6NJSgTD+HPcBReq0n4ToL9GoHDmJUcbqghUKrrlO1\/taJlxuBxC7qMcyqCxayBJyXueOGzhKmRyqJ5mRF7PAJFU+HXsLNIIlloYtEUYSD3Fq3kaxe+9Ebl6MnJV7VgeWrfRrFkuor8tYtzN1VJUR2HFGqqsAWcViYIHx2fijkIFiyEJLLtIJBDJCATzDyeGZvBF2nLU4X0oD0gimjCAVTZL8nnbPehWN5oFNXdhhtHtt5PRkyLmaa3uRGHFrGhqbTl","iv":"9230db2392776930c3e62e23a8bf1ccc","s":"f81bac0443e380be"}
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