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Spain spending boom after lockdown

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IF the figures from a newly reopened luxury retailer in China are anything to go by, the rich at least are ready to spend their money as soon as things get back to normal. The Canton branch of Hermes took 2.5 million euros the first day of opening after being closed for two months, a record amount for any Hermes branch in China. The Birkin + bag was among the bestsellers at the French fashion, accessory and homeware retailer, alongside tableware, shoes, furniture, and handmade leather goods, with queues forming long before the scheduled opening time.

Hermes has made pledges to support its 15,000 staff globally by maintaining salaries and using cash reserves and has even donated 20 million euros to hospitals in Paris where the company is based. They have also turned factories to producing hand sanitizers and face masks, tons of which were donated for free. Their decision to refuse handouts and closures is looking a wise one as the wealthy, who have generally been less affected by the crisis financially, quickly spend the money they saved during the closure period.

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