Retail sales growth in Asia-Pacific slowed in Q2 2024 due to weak domestic consumer confidence, with luxury and jewelry brands experiencing lower-than-expected sales as Chinese consumers reduced spending amid economic uncertainty, according to CBRE’s latest report. Despite an overall increase in regional tourist volumes, the number of mainland Chinese visitors remained below pre-pandemic levels, though South Korea and Japan saw a boost due to favorable currency exchange rates. Retailers are expanding selectively, with Japan and South Korea being the most optimistic markets for leasing. Luxury brands are focusing on larger stores in iconic locations, and the food and beverage sector remains strong.