Chinese Customers Continue to Cut Luxury Spending -- Market Talk

Dow Jones01-19

1458 GMT - Chinese consumers continue to reduce spending on luxury goods, as they are more concerned about the economic environment, Barclays analysts say citing a survey in partnership with Vogue Business. During the fourth quarter of 2023, the percentage of consumers with a higher budget spent on luxury decreased to 17% from 21% in the previous three months, Barclays says. As for the first quarter of 2024, consumers are likely to continue reducing luxury spending, despite the fact that the key spending moment, Chinese New Year, falls in February, the analysts say. Only 19% of respondents intend to spend more than CNY15,000 on luxury goods during the holiday, compared with 35% during the same period last year. Hermes and Richemont are Barclays's preferred names in the luxury space. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

January 19, 2024 09:58 ET (14:58 GMT)

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