Luxury Goods
A professor at one of China's top universities argues that consumers' reluctance to buy luxury goods stems partly from feeling stigmatized. He urges authorities to address this deep-seated 'luxury-phobia' and view luxury pursuits as a sign of social progress. The idea contrasts with the government's austerity drive last year.
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Hundreds of Hong Kong shoppers flocked to the Fortnum & Mason outlet in Tsim Sha Tsui on Saturday for bargains ahead of its January 26 closure. The British department store announced the shutdown on Friday, drawing crowds in search of discounted luxury goods like teas and biscuits. Shopper Alvin Chan described the queue as orderly despite the two-hour wait.