You’ve screwed up. Big time. Worse still, your partner has found out and they mad as all hell. To get their own back, said partner embarks on a demented spending spree on your joint credit card in order to punish you for your (latest) transgression. That’s what most people think “revenge spending” means. But they’re wrong and probably have a guilty conscience about something (BTW, your wife will find out in the end). In fact, revenge spending is actually the phenomenon of hyperactive consumer spending after some sort of barrier has been removed. The notion of revenge buying was first seen in China in the 1980s after the Open Door Policy was implemented, allowing previously banned Western businesses to move in, enabling Chinese consumers to buy products — Walkmans, Levi’s Jeans, Rolex watches — they had previously been unable to obtain. Western companies flocked to take advantage of the enormous new market and their products were enthusiastically embraced by Chinese locals, excited to spend in ways they had never been able to before. Today, analysts of the luxury sector are hoping that revenge spending will help the market recover after the violent downturn caused by the coronavirus. The thought is that after…
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