It appears that China's middle classes are heading elsewhere to buy their luxury brands﻿, instead of their usual shopping areas of Hong Kong and Macau. Increasing anti-mainland public sentiment and protests in Hong Kong, along with Beijing's anti-corruption crackdown, have hit these regions and led to consumers heading towards Tokyo, Seoul, Mainland China and Taipei. Bomoda's CEO, Brian Buchwald, says that 75%-85% of Chinese consumers luxury spending now originates outside of China.
It appears that China's middle classes are heading elsewhere to buy their luxury brands﻿, instead of their usual shopping areas of Hong Kong and Macau. Increasing anti-mainland public sentiment and protests in Hong Kong, along with Beijing's anti-corruption crackdown, have hit these regions and led to consumers heading towards Tokyo, Seoul, Europe and Taipei. Bomoda's CEO, Brian Buchwald, says that 75%-85% of Chinese consumers luxury spending now originates outside of China.