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Hong Kong's consumption rebound led by wealthy stuck at home

Sales of luxuries like yachts, cars and jewelry grow amid travel restrictions

Sales of luxury yachts are growing among the wealthy in Hong Kong. (Photo courtesy of Benetti | Azimut Group)

HONG KONG -- Hong Kong's deep-pocketed consumers are going on a shopping binge, boosting sales of luxury goods and services amid continued COVID-19 restrictions.

Consumer spending in the city is bouncing back with a vengeance after a slump due to the pandemic. Retail sales in the first six months of the year surged 8.4% from the same period of last year even though there are no free-spending tourists from China's mainland or other countries.

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