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. The Chinese government has been trying hard to keep its citizens from buying up the country's most expensive brands like Gucci or Louis Vuitton. 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.