Emerging from a Gucci store in Shanghai with a pair of $500 shoes, 25-year-old Xue Yueyue says worries about China’s economy will not affect her spending.
“I will delay spending on a car or house, but am spending more on goods,” said the marketing worker whose salary above Rmb20,000 ($2,980) a month funds multiple luxury purchases every year.
Kweichow Moutai, the world’s largest distiller by market capitalisation which is seen as bellwether for Chinese luxury consumption, said this week that net profit for the first three months of 2019 had risen 30 per cent compared with the year before.
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