Global tourist spending continues to fall in July
18/08/2016
Tourists are a key market for luxury goods brands and the decline in spending is having a knock-on effect on their financial results. Several brands have pointed to this as a reason for disappointing sales figures.
Europe, hit by several terrorist attacks in recent months, has seen its tourism revenue especially hard hit. In July, overseas visitors spent 20% less year-on-year. Germany and France suffered the most, with respective drops of 33% and 24.3%. The UK, which recently voted to leave the European Union prompting a drop in the value of its currency, saw tourist spending drop 10.3%.
The report said a drop in spending by Chinese tourists dropped for the fifth consecutive month. They spent 23% less in July.
In contract to Europe, tourist spending in the Asia Pacific region increased 5%, led by strong growth in spending by visitors to South Korea.
Image: Galleria Vittorio Emanuele in Milan.
Credit: Alterboy/Wikipedia
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