Dec. 16, 2023 11:00 pm ET

HONG KONG—The retail world used to cater to Chinese tourists. Luxury shops opened wherever they went, and Parisian department stores hired Mandarin speakers. Mom-and-pop stores in Hong Kong were replaced by vendors offering products Chinese tourists demanded, such as milk powder and medicines.   

Now, after being grounded for three years during the pandemic, Chinese travelers are taking to the skies again. But they don’t look or spend the same.   

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