RETAIL THERAPY: Worldwide tourism spending rebounded in the month of November, in what has been an uneven year for growth, according to the latest Global Blue data, analyzed by Barclays.
Global Blue reported a 21.5 percent year-on-year increase in global tourism spending, compared with October’s 6.5 percent, the weakest of the 12-month period. September sales were up 17.7 percent, while those in August rose 38.7 percent.
Chinese tourism picked up as well, with spend climbing 40 percent following an uptick of 23.5 percent in October. Russian spending continued to decline, and was down 30.5 percent in November after October’s 44.2 percent fall.
Spending in Europe was 14.5 percent up in November compared with October’s 1.6 percent gain, and increases of 16.4 percent in September, and 36.4 percent in August.
The effects of Paris attacks last month have not been fully reflected due to a timing lag, the Barclays report said, adding that it expects the first two weeks of December to show softer figures as a result of the Nov. 13 attacks that killed 130 people and left hundreds wounded.
Additionally, France is currently running at 80 percent of the usual processing rate, meaning that the next few months will likely be softer by 3 points to 4 points in Europe, Barclays said.
Leather goods continues to be the strongest growth category, and grew 18 percent year-on-year globally and 19.7 percent in Europe, with fashion and clothing up 11.6 percent worldwide after a very weak October with a 1.3 percent gain.
Watches and jewelry returned to positive territory, growing 13.3 percent globally and 16 percent in Europe after declining 7.4 percent in October worldwide and 9.4 percent year-on-year in Europe.