The Virus Has Trapped $111 Billion of Luxury Spending in China
- Chinese shoppers used to make two-thirds of purchases overseas
- Luxury brands forced to go online, second-hand platforms surge
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Jeff Meng, a 25-year-old watch lover from a well-heeled Guangdong family, had 160,000 yuan ($22,800) burning a hole in his pocket. He could not find the Rolex Daytona watch he wanted, dubbed “panda” for its black-and-white face, anywhere in China.