Estée Lauder stated that although there has been an increase in foot traffic in major shopping areas such as China’s Hainan Island and Korea, consumer spending on luxury beauty products has lagged behind.
Global Comparable Store Sales Accelerate YoY Recovery, Reaching 110% in March, Driven by Chinese Mainland Consumers’ Gradual Return.
Since China reopened its borders in January, the recovery of mainland Chinese shoppers has been steadily improving, with a recovery rate of 22% for consumption in the European mainland region and 27% for consumption in the Asia-Pacific region.
CapitaLand Group is one of Asia’s largest diversified real estate groups.
Consumers from Hong Kong and Taiwan ranked first in their shopping in Asia-Pacific with a shopper recovery rate of 353% and hit a record high recovery rate of 83% in continental Europe.
Marriott International is poised to further its position as the global leader in luxury hospitality with more than 200 luxury properties in the development pipeline.