PARIS — The ongoing economic crisis in Russia has taken a toll on tourism spending in January.
According to Barclays in London, the latest international Global Blue data for the month showed further deterioration in tourism spending by Russian travellers, which slumped 51.2 percent year-on-year, compared with December’s 43.8 percent fall.
This meant total tourism spending, up 6.4 percent, slowed down considerably compared to the previous month, which registered a rise of 21.8 percent.
To contrast, Chinese tourism spending put on a “solid” show, analysts said, up 33.7 percent year-on-year, following December’s 49.4 percent rise, on tougher comps and despite a timing shift in the Chinese New Year.
Barclays said “the solid performance of the Chinese tourist spending is again likely due to the partial redirection of Chinese spending from Hong Kong towards Europe and the rest of Asia as well as the weakening of the euro, which leads to the widening of the price differentials and raises the question of potential price increases in Europe,” adding that this has already “been highlighted by luxury companies during the reporting season, and we believe this will remain a key topic in 2015.”
By product category, leather goods & bags had the best run across destinations, up 8.6 percent, but grew more slowly compared to the month of December, which registered a rise of 20.1 percent.
Fashion & clothing underperformed for the fifth consecutive month, slipping another 5.7 percent, while watches & jewelry grew half as fast, up 5.2 percent compared to December’s 11 percent rise.