Hermès Guangzhou flagship store made a whopping $2.7 million in sales on its first day after reopening post-coronavirus.
The reason? Revenge buying — that’s what the phenomenon is being called on Chinese social media. The term was coined in the 1980s to describe the repressed demand for foreign products that Chinese consumers weren’t able to buy due to their government’s isolationist policies. Now, revenge buying is associated with treating oneself to luxuries after months in quarantine.
Hermès’ $2.7 million figure is the highest amount any Chinese boutique has made in a single day.
For a lot of people, quarantine has been a period of low income, but also of low expenses. Closed stores and forced time at home starved people’s spending habits. Yet, this time is coming to an end as economies start to reopen.
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