Luxury stores in Milan, Italy, are betting on an upturn of high-spending Chinese travelers with Lunar New Year-inspired store displays and unique capsule collections.
Brands ranging from Salvatore Ferragamo to Loewe are showcasing products in their window displays against a backdrop of meadows and rabbit motifs. Meanwhile, others are choosing to feature small capsule collections that cater to the taste of Chinese travelers.
Not too long ago, Chinese shoppers were a significant source of revenue for luxury brands and retailers in Europe until China imposed international travel restrictions on its citizens. It is estimated that the total amount spent by Chinese Nationals on luxury products globally dropped from 33% in 2019 to just 17% last year.
However, now that travel restrictions have been lifted, luxury brands and retailers are hoping to see a revival of business.
According to luxury department store La Rinascente’s Chief Finance Officer Mariella Elia, the city of Milan began seeing a return of Chinese business travelers in the fall season last year and is now expecting to see a higher return of tourists.
“We expect a return to pre-pandemic levels from the third quarter of 2023, above all with regards to Chinese tourists who for us have always been an important group of customers,” Elia told Reuters.