PARIS: The European luxury sector is welcoming the end of pandemic lockdowns in China, as the return of big-spending Chinese tourists could sustain further growth. Prior to the pandemic, Chi
Prior to the pandemic, Chinese tourists visiting Europe were a major source of sales for luxury houses.
Their return has led RBC bank to revise up its growth forecast for the sector this year to 11 per cent, from 7 per cent previously. That growth was supported by the wave of post-lockdown US tourists visiting Europe armed with a strong dollar, as well as Korean and Southeast Asian tourists. "European boutiques need this rebound in Chinese clientele to replace its American clientele which could buy locally," said Cadart.
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