China's five-day Labour Day holiday in early May was once a good excuse for a quick European jaunt - with a side of luxury shopping on the agenda.
LVMH's Belloni said changing travel trends after the pandemic meant Chinese tour groups would likely be the last to return, if they did at all.
Exane BNP Paribas research released just before the Labour Day holiday said industry insiders in Paris and Milan reported Chinese consumers represented the third-largest spend after French and Americans - and sometimes the second-largest at stores in tourist areas. China's "higher income, top luxury spenders already travelling abroad again," she said, leading to an observable lower per-capita spend in Hainan., after China's border reopened and the country's wave of COVID-19 infections subsided.
"It will be important this year to look at how companies are performing in comparison with the sector overall," said Jonathan Yan, a Shanghai-based principal at consultancy Roland Berger. "Double-digit growth won't mean a lot on its own."
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