This post was originally published on South China Morning Post.
China’s rich spent US$54 billion at home on luxury goods last year with coronavirus halting overseas trips
The coronavirus presented affluent families in China with a new challenge last year: just how were they going to spend some 350 billion yuan (US$54 billion) of disposal income on luxury items like jewellery and watches with overseas travel and shopping virtually impossible.“Before the outbreak, we would travel abroad a lot every year, or even live for a while away from the mainland. Last year I turned to shop more for watches, diamonds and gold to compensate for the regret for not being able to…