Chinese shoppers splash on luxury goods, but still won't eat out

HONG KONG - Chinese consumers are back to binging on luxury handbags, cosmetics and cars. But this shopping enthusiasm is not extending to mass consumption in sporting goods, beer and restaurants.

Bloomberg analysed June-quarter revenue for over two dozen companies that are market leaders in China across key consumer goods categories. Three pandemic-triggered trends emerged, driven mostly by pent-up desire to spend, focus on healthy lifestyles or wariness of public spaces. LVMH's China sales last quarter rose 65 per cent from a year ago while overall group revenue dropped 38 per cent. The wine-to-watches luxury group has seen"a very good offset in China for the rest of the business, which is suffering", Jean-Jacques Guiony, LVMH's chief financial officer, said in an earnings call in late July.But these spoils are not shared by mass-category consumer products. Other firms such as Anta Sports Products Ltd.

HEALTHY LIVING Companies promoting healthy living - dairy firms in particular - have been another big beneficiary as consumers strive to take better care of themselves. By-health, a Chinese protein powder and vitamin provider, launched a marketing campaign aimed at"strengthening immunity" and saw sales surge almost 17 per cent in the second quarter after a drop of 5 per cent in the March quarter.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hong Kong starts mass COVID-19 testing as China distrust swirlsHong Kong will start conducting mass coronavirus tests on Tuesday, a health scheme that has been swept up in the political debate dividing the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Hong Kong starts mass coronavirus testing as China distrust swirlsHONG KONG (AFP) - Hong Kong will start conducting mass coronavirus tests on Tuesday (Sep 1), a health scheme that has been swept up in the political debate dividing the city, where many remain deeply distrustful of both local leaders and China.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Hong Kong starts mass virus testing as China distrust swirlsHONG KONG, China — Hong Kong started conducting mass coronavirus tests on Tuesday (Sept 1), a health scheme that has been swept up in the political debate dividing the city, where many remain deeply distrustful of both local leaders and China.
Source: TODAYonline - 🏆 1. / 99 Read more »

Disadvantaged Hong Kong pupils struggling with online classes during coronavirus pandemic ‘need more government help’Hong Kong officials must increase the internet subsidy and consider technology upgrades for low-income families to help children struggling to take online classes during the pandemic, according to a human rights advocacy group.Accusing the Education Bureau of failing to meet its responsibilities, the
Source: YahooSG - 🏆 3. / 71 Read more »