SINGAPORE (Apr 17): This past week, the International Monetary Fund (IMF) warned that the “Great Lockdown” recession this year will be the steepest contraction in almost a century. If the Covid-19 outbreak prolongs or worsens, global economic growth might contract by more than the 3% decline it now predicts.
It seems some shoppers in China did not receive the memo. Just one day after its flagship boutique in Guangzhou reopened, Hermes, the French luxury brand, chalked up a one-day single store record sale of RMB19 million ($3.8 million).
One shopper, who goes by the username Atomniu, stood out. She posted pictures of herself snapping up a black crocodile Birkin 30 handbag, as well as some clothes and shoes. She claims to have spent nearly RMB1 million. The record sales enjoyed by Hermes is believed to be this phenomenon of “revenge spending” — the pent-up urge to buy big after enduring a lockdown for more than two months.