A salesperson showing the limited edition launched by Emporio Armani to welcome the Year of the Tiger at a duty-free store in Haikou, south China’s Hainan Province, January 15, 2022.Zhou Huimin | Xinhua News Agency | Getty ImagesStocks of many luxury fashion houses reliant on Chinese consumers rallied on China’s reopening, but those customers may not necessarily be buying the goods overseas.In the past, trips abroad often included personal luxury purchases for affluent Chinese consumers looking to take advantage of currency and tax benefits.Shares of LVMH have gained around 12% since early December when Beijing started rolling back its zero-Covid policies.Similarly, Cartier-owner Richemont shares have gained about 13%, while Dior rose more than 11% from early December.Domestic luxury consumption now a habitThe “revenge spending” that comes with the return of overseas travel will lead to an increase in cons …
