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.
“Hong Kong, Macau, and Japan remain favored destinations to shop” among the Chinese, “with Japan luxury spend boosted by the attraction of yen weakness,” said Bloomberg Intelligence luxury goods analyst Deborah Aitken.
She reckons Chinese shoppers made up about 23 percent of luxury goods spending globally heading into this year, versus 33 percent before the pandemic. That will probably improve more into 2025, backed by low double-digit growth, against a luxury market expanding by 5 to 6 percent this year, she said.