As Hong Kong’s economy continues to decline, retail, tourism, and foreign investment dollars have assumed a newfound importance to the Chinese economy. An up-and-comer is rising from the shadows to challenge Hong Kong’s regional stature in the form of an island paradise. The newly designated free trade port of Hainan and Beijing’s aptly named Master Plan strive to usher in a new center for global trade and investment for the island-province.
Author: Jordan Young
Navigating the Chinese market had been challenging for international luxury fashion brands even before the pandemic, but shifting consumer trends in the world’s largest luxury goods market now threatens the bottom line for major brands worldwide. To remain competitive, luxury brands must identify the challenges within the market and restructure their China strategies around the culturally-charged consumer market.