Will Lunar New Year Mark Start of China's Luxury Comeback? [Yahoo! Finance]
COMPAGNIE FNCE RCH UN/ADR (CFRUY)
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Source: Yahoo! Finance
Luxury sales have been dragged down for years by slow spending in China, where the sector's biggest spenders have yet to shop like they did before the pandemic. The Lunar New Year, an extended holiday that people celebrate by traveling and shopping, reflects the Chinese economy's health. Last year, tourism revenue and travel rose from the year before, but daily spending was still below prepandemic levels. To help reverse the trend and boost spending, China extended the official holiday this year by one day, to nine days total, starting on February 15. The Year of the Fire Horse — which astrology lovers might know is all about rebirth — could be the beginning of a comeback for spending in China. Recent earnings reports, along with an analysis from Bain, suggest the country's luxury spending could soon bounce back above 2019 levels. SUBSCRIBE: Receive more of our free The Daily Upside newsletter. READ ALSO: As Disney's Bob Iger Runs Out the Clock, Some Protegés ‘Can't Wait to Be K
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