The BCG-Tencent forecast echoes a Xinhua news report that citizens were indulging in "revenge travel" over the Golden Week holiday. This surge of travel spending matches the phenomenon of "revenge spending" reflecting pent up demand
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According to Bloomberg, Hong Kong retailers saw better than expected sales even as social-distancing measures were stepped up to combat the latest wave of coronavirus infections. The economists surveyed by Bloomberg had expected a 17.5% decline in retail sales for this period but a government report showed that Hong Kong retail sales slump had eased, falling only 13.1% from a year earlier to US$3.3 billion. Meanwhile, retail sales volume, a measure of retail sales in constant prices, a.k.a. in real terms, showed that volumes also dropped 13.4% from a year ago, an improvement on the 23.8% decline in July. Meanwhile, another bright spark on the horizon supported positive sentiment as Boston Consulting Group (BCG), in cooperation with Tencent Marketing Insight (TMI) released the 2020 BCG x Tencent Digital Luxury Report showing that Chinese demand for luxury goods is projected to grow as much as 30% this year as high income mainland shoppers continue to drive the country’s post-pandemic rebound. “China?s tourism market is expected to see a wave of growth led by people?s desire to ?revenge travel'” ...