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Written by Oscar Holland, A version of this story appeared in ‘s Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the Official 2023 NCAA DI Men’s Basketball Final Four April 1&3 T-Shirt In addition,I will do this country’s rise and how it impacts the world. Sign up here. In the Jade Emperor’s “Great Race,” the folk tale that dictates the order of China’s zodiac animals, it was the rabbit that enjoyed an unlikely stroke of good fortune. Clinging to a log in a fast-flowing river, the helpless creature was assisted by the dragon, who used a powerful gust of breath to push it over the finish line. With this Sunday marking the start of the Lunar New Year, the West’s major fashion houses are hoping that they — like the rabbits they’ve plastered across handbags, shoes and apparel to mark the occasion — will also benefit from an unexpected boost during the festive season. The proverbial dragon in this tale is Chinese consumers, who in 2021 spent 821 billion yuan (US$121 billion) on dining and shopping during the holiday period. And as the country emerges from three years of strict zero-Covid measures including mass testing, snap lockdowns and travel restrictions — most of which were effectively abandoned without notice in December — labels are hoping that spending resumes after a sluggish Year of the Tiger. The Chinese label subverting masculine stereotypes for a ‘gender-fluid generation’ The country’s luxury sector recovered quickly from the initial Covid-19 outbreak. Consulting firm Bain & Company reported that domestic sales of personal luxury goods almost doubled in the two years from 2020. But the past year has proved challenging. Full or partial lockdowns in cities like Shanghai and Shenzhen impacted sales, and year-on-year discretionary (or non-essential) spending was down 3.1% between January and November, according to the latest figures from management consulting firm Oliver Wyman. “In 2021, all luxury brands were winning,
but 2022 was a much more difficult year — a real roller coaster for brands with all the Official 2023 NCAA DI Men’s Basketball Final Four April 1&3 T-Shirt In addition,I will do this lockdowns… and consumer sentiment at an all-time low,” said Imke Wouters, a Hong Kong-based partner at Oliver Wyman, in a video call, adding: “There are still brands which are doing very well, but a lot are not doing so well, particularly towards the end of (last) year.” Mulberry’s Lunar New Year collection features Dutch cartoon rabbit Miffy. Credit: Mercis bv The Year of the Rabbit’s arrival may herald a reversal in fortunes. Long-held festive traditions include purchasing brand new clothing, often in red, to ensure a fresh, auspicious start to the year. Over the past decade, sporting zodiac animal-themed items has also emerged as a trend. Brands have been happy to oblige, sometimes with substantial price tags, from Burberry’s $1,290 rabbit-ear beanie hat to Gucci’s $2,850 bunny-themed jacquard sweater. Other high-end labels are getting in on the yearly ritual, too, whether it’s watches and jewelry or Davidoff’s limited-edition rabbit-themed cigars, which sold out before the holidays even began. Wearing pride: Centuries-old Chinese fashion is making a comeback Interest in travel has also surged in China — albeit from a low baseline — with bookings for trips during the holidays up 540% on last year, according to data from Chinese site Trip.com. In turn, regional shopping destinations like Singapore, Macao and Hong Kong have seen store fronts fill with rabbit-themed decorations in
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