LONDON — Tourism spending was up 5.1 percent year-on-year in November, according to a report by Barclays, citing the latest figures from Global Blue.
The bank said in a report Tuesday that spend on leather goods and bags performed the strongest across all tourist destinations, and was up 16.6 percent in November, versus 6.8 percent in October.
Fashion and clothing underperformed for the third consecutive month, however, with flat year-on-year growth. Yet there was an improvement on the minus 1 percent figure in October, the banks said.
Watches and jewelry saw an increase of 6.7 percent in November versus 11 percent in October.
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Barclays said Global Blue’s latest data suggests the acceleration of Chinese tourism spending that began in September has continued into November, when it rose 25.4 percent year-on-year, “albeit against significantly easier comps.”
The bank added the uptick was likely due to the partial redirection of Chinese spending from Hong Kong toward Europe and the rest of Asia, given the political instability as well as the weakening of the euro. In contrast, Russian spending declined for the eleventh consecutive month, and is down 14.7 percent in the year to date, due to the crash of the ruble and ongoing geopolitical problems.