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Revenge buying? What’s that, really?

In case you do not know how to pronounce Hermes, here’s that link for you to learn. vogue.com.au It has a lot of other French brand names too. In brief, Hermes is pronounced with a silent h and softly pronounced s. Do not worry too much about the name. As for the price, just understand that it starts from many thousands of dollars (not just ringgit yeah). Here’s one site where you could buy pre-owned ones. So, anyone here really thinking of rushing to the nearest Hermes store to buy one handbag?

The nearest store should be in Singapore. Click here to find out. Not far, it’s just a flight away anyway. Now for that news about ‘revenge spending.’ I think I have to also explain what is revenge spending? It’s like if you were forced to hold back from buying something you like for many weeks and now you are suddenly released and you quickly rush to your favourite store to buy that something. Perhaps read the official explanation in the article below.

Article in cnaluxury.channelnewsasia.com “Revenge spending” refers to a buying binge by shoppers emerging from lockdown, which could potentially resuscitate businesses that have been struggling since the outbreak of the coronavirus. 

The article quotes WWD which said that Hermes’s flagship store in Guangzhou, on the day that it opened for business has recorded US$2.7 million (RM11.7 million) in sales. It says that VIPs from across the Guangdong province, the wealthiest province in China with Guangzhou as its capital, descended on the store to purchase tableware, shoes, furniture and leather goods.

WWD said that Hermes did not confirm the sales figure but VIP shoppers had documented their extravagant purchases on social media channels such as Weibo. For even more details of these VIPs and their purchases as well as photos, please do read the full article here: Article in cnaluxury.channelnewsasia.com

Okay, now that you know where the nearest Hermes store is and the Movement Control Order (MCO) will only end on 28th April 2020, are you also having the revenge spending mindset? Maybe not Hermes bag, perhaps some other things? Actually for Malaysians, I think it may just be a super long queue at some famous restaurant for that plate or bowl of something which we have missed for 1.5 months.

Well, this may be a good sign for us, economically. Maybe the demand for some goods and services may already be a pent-up financial force which could be released as soon as MCO is over. Just remember yeah, it is NOT yet normalisation if no vaccines could be found or that the COVID-19 cases all over the world remain extremely high. I do hope that every other country would also have these pent-up demand too. Yeah, they call it ‘revenge spending.’ Whatever.

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Next suggested article: I just need a RM635 million home. Oh, good to know.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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