People wait in line outside a Burberry store in the Badaling Outlets shopping plaza on Saturday. The global luxury market has been hit hard amid the COVID-19 epidemic, but the consumption of luxury goods in China has gone up. China’s luxury sales last year rose by 48 percent to around 350 billion yuan ($54 billion), according to media reports. Photo: Li Hao/GT
Consumption-related stocks climbed on Wednesday in Hong Kong, propelled by strong spending from the Spring Festival holiday, including e-commerce and the record-breaking Chinese mainland box office.
Some of the biggest e-commerce companies saw their stock prices soar in Hong Kong on Wednesday, such as JD.com, which rose more than 7 percent.
The rising consumption-related stocks…