We all have that one thing we’re determined to do, see, eat, etc. when lockdowns eventually end. Some people want to see friends and loved ones, others want to hold their newborn niece or nephew for the first time and some are determined to make it back to their favorite bar or see a show in packed theater. Meanwhile, some of us just want to go shopping and blow our quarantine savings on designer goods.
Sure, the economy has never been worse, millions are jobless and people are literally trying to survive on a meager government stimulus check, but for some people who somehow still have money to burn, the end of lockdown means making a triumphant return to the 5th Avenues, Rodeo Drives and Newbury Streets of the world.
That’s apparently what happened in China anyway, where luxury brands reported substantial growth after stores began to reopen last month. According to WWD, shoppers dropped $2.7 million at an Hermes outpost in Guangzhou on its first day of reopening, while luxury goods house LVMH reported a significant uptick in sales last month as well.
Various outlets have cited the post-lockdown surge in luxury spending as an example of “revenge spending,” which, according to Quartz, has been used to describe the spending boom that followed the end of the Cultural Revolution in 1976.
But while governments may be hoping their citizens will buoy the economy with some reckless post-lockdown splurging, it may be a while before anyone can take their revenge stroll down Rodeo Drive. In the meantime, big spenders seeking vengeance against the coronavirus in the form of designer shoes and handbags will just have to remain satisfied with online revenge shopping.
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