China’s nouveau riche

China’s nouveau riche

Money to burn: Chinese elite swap international travel for high-end spending at home
Watches, diamonds, gold and leather goods were among the luxury items that made up a whopping US$54 billion spent by China’s wealthiest families last year. With coronavirus severely curtailing all international travel – and extravagant shopping excursions to Paris, Dubai, New York and London – affluent families in China have been forced to shop up a storm at home in a bid to reduce their anxiety about border closures that keep them stuck in China. “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 travel abroad,” said