China is grappling with a crisis of confidence, which will have far-reaching consequences for both Chinese consumers and the luxury industry. Photo: Shutterstock
Curated headlines by Luxury Roundtable
We bring you the latest headlines in luxury to save you time. Please note that most sources are behind paywalls.
Climate change leads homebuyers to seek a place not in the sun
As temperatures in southern Europe become too uncomfortable, many are looking north. (Financial Times)
Oligarchs are losing out as Putin courts a new class of loyal asset owners
Russia’s war in Ukraine has redrawn the old deal, driving state-led seizures of lucrative enterprises. (Financial Times)
Airbnb boss lays foundation for longer-term rentals
Booking platform to launch ‘biggest update’ next month as it plans to expand beyond travel. (Financial Times)
Navigating China’s economic malaise: Implications for consumers and luxury
The nation’s economy is not in full-blown crisis, but China is grappling with a different issue: a crisis of consumer confidence. This forms a complex puzzle with far-reaching consequences for both Chinese consumers and the luxury industry. (Jing Daily)
China’s real estate, consumption woes to dent APAC GDP growth in 2024: World Bank
The Washington-based organization also revised down its 2024 forecast for China’s GDP growth to 4.4% from 4.8%, according to its latest report, which cited “persistent domestic difficulties” such as “the fading of the bounce back from the re-opening of the economy,” weakness in the property sector, elevated debt and structural demographic factors such as an aging population. (Jing Daily)
Rolex prices drop as cheaper rivals outperform
Prices for pre-owned Rolex watches kept falling on the secondary market last month while entry-level models and brands like Cartier and Omega fared comparatively better. (The Business of Fashion)