Department store stocks, including Shinsegae, Lotte Shopping, and Hyundai Department Store, are experiencing significant gains on the KOSPI market. This rise is attributed to the wealth effect from asset price increases, strong luxury sales driven by FOMO, and a favorable exchange rate boosting foreign tourist spending.
Credit card spending in South Korea rose 7.2% year-on-year in the first quarter to 322 trillion won (US$219 billion), driven by a stock market bull run, strong corporate earnings, and higher oil prices, according to data from the Credit Finance Association.
Hong Kong’s sales of luxury homes more than doubled in the first quarter from a year earlier, helped by a buoyant stock market and attractively priced assets that drew the attention of wealthy investors including mainland Chinese buyers, according to analysts. The segment was likely to record another increase in the second quarter, they added. “With the wealth effect from accumulated gains in the stock market over the past two years, both local and mainland Chinese capital have seized the...
