The world wobbles; the luxury industry strides on

It seemed like an uncontroversial assertion: China’s recovery from the pandemic has been an economic disappointment, I said. Neither domestic consumption nor exports had rebounded nearly as strongly as expected. The two distinguished economists I was speaking to, as part of a panel at the FT’s Business of Luxury Summit in Monaco this week, agreed. A weak real estate sector; a debt overhang at local government level; cautious…