LONDON — Tourists were feeling unusually flush in the month of September, according to Barclays, which analyzed the latest figures from Global Blue in a report on Tuesday.
The bank said purchasing by tourists worldwide climbed 13.5 percent in September, following a “tough start” to the third quarter, when spending declined 2.5 percent year-on-year in the July/August period.
“Although one data point in isolation does not make a trend, it is interesting to highlight that the acceleration is driven by strong growth in Chinese spending,” Barclays said. The bank noted that consumption by Chinese tourists rose 25.5 percent in September compared with 2.7 percent in the previous month, and 13.6 percent in the year to date.
“We believe the underlying acceleration could also reflect a partial redirection of Chinese spending from Hong Kong towards Europe and the rest of Asia given the political instability as well as the weakening of the euro,” said the bank’s European luxury goods team in the report.
Barclays said Russian tourism spending remained weak, falling 8.7 percent, compared with August’s decline of 13.4 percent.
Overall, tourism spending has increased 2.8 percent year-on-year in the third quarter. “This echoes recent companies’ comments including LVMH and Burberry also highlighting an improvement in Europe in Q3 — mainly driven by Chinese consumers, while the other nationalities were weaker,” Barclays said.
The report added that tourism spending in fashion and clothing climbed 9.8 percent in the month, compared with a year-to-date figure of plus 0.3 percent. Sales of leather goods and bags rose 15.5 percent in September, while and watches and jewelry sales advanced 15.7 percent in the same period.