Rich Chinese Tourists Drive Luxury Demand in Japan on Weak Yen [BNN Bloomberg (Canada)]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: BNN Bloomberg
The world's largest luxury group — with 75 brands ranging from Louis Vuitton to Dom Perignon — said demand from the Chinese rose by 10% in the first quarter, when those shopping outside the country are included. A healthy portion of the purchases by Chinese tourists occurred in Japan, where the well-heeled took advantage of the weak yen to buy Louis Vuitton bags and other costly items for less, according to analysts. LVMH sales in Japan surged by almost a third in the quarter, even as revenue in the rest of Asia dropped 6%. “Hong Kong, Macau and Japan remain favored destinations to shop” among the Chinese, “with Japan luxury spend boosted by attraction of yen weakness,” said Bloomberg Intelligence luxury goods analyst Deborah Aitken. She reckons Chinese shoppers made up about 23% of luxury goods spending globally heading into this year, versus 33% prior to the pandemic. That will probably improve more into 2025, backed by low double-digit growth, against a luxury market expandi
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