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
Chinese HNWIs keep on spending – but on what?
Posted By a Luxury Daily columnist On In Featured,Industry sectors,Retail | No 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","iv":"92fd9cd03c440b4b3c0c197037246722","s":"db3189a7fc893b1c"}