In China, it seems the worst is over. After months of lockdown, Chinese residents were finally able to emerge from their homes and resume their day-to-day lives. And with it, an emergence of the term “revenge spending.”
Reports on the phenomenon of revenge spending is far and wide in the media circles, from defining what it is — first coined in the 1980s when China consumer demands boomed following the years after the Cultural Revolution; to its impact on the global economy — will it help the market recover?
Just this week, WWD reported that Hermès’ second-largest Guangzhou flagship in China, which reopened last Saturday, saw a massive rebound of luxury consumption. In a single day, the store reportedly achieved $2.7 million in sales, a figure believed to be the highest daily haul for a single boutique in China.
Brands everywhere in China are reporting a modest jump in sales, in both brick and mortar stores and e-commerce. And with the outbreak showing no signs of letting up any time soon in the West, emphasis on domestic shopping will only grow.
But, revenge spending won’t last — experts are already calling on the fallacy of it. The National Bureau of Statistics (NBS) in China released new data on Friday that confirmed that China’s economy has shrunk by 6.8 per cent in the first quarter of 2020, the first time since 1976, due to Covid-19’s death grip on the country. But industrial production, retail sales and fixed asset investments continue to shrink in March, pointing to the huge challenge posed to restarting the country’s economy.
And so, if revenge spending can’t save China — it will not make an iota of difference in spending in other countries, particularly since travel bans and lockdowns are still in place for most of the world. And even when things get better, tourism retail in the US, Europe, Southeast Asia and elsewhere will still struggle as the Chinese government will continue to push domestic tourism to stabilise its own economy.
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