The luxury sector has rebounded quickly from the pandemic as people rushed to spend money saved during lockdowns - buying themselves treats as socialising resumed.īut sales in China, the world's largest luxury goods market, have plunged this year as a new wave of strict COVID-19 lockdowns shuttered shops, crimped demand and also meant fewer high-spending Chinese tourists in Europe.
The strong dollar versus the euro contributed to a four-fold rise in tourism spending in Europe in June compared with last year, with an acceleration in spending from Americans, analysts at UBS, citing data from VAT refund provider Planet, said.
#DIOR SLIDES DRIVER#
The weak euro is big draw for tourists, particularly Americans – who are flagged as a key growth driver for the European luxury goods sector in the second quarter, according to analysts from Barclays (LON: BARC). "Because the euro and the dollar are about the same, it definitely encourages us to spend." “It's like it’s on sale here,” said Wilson, 49, from Colorado, whose purchases included two dresses for her daughter. The euro tumbled below $1 on Wednesday for the first time in two decades on fears that rising energy prices triggered by the Ukraine conflict could tip the European Union into a prolonged economic crisis. PARIS (Reuters) - American tourist Shawna Wilson says she has splashed out on four dresses at the high-end LVMH-owned department store La Samaritaine in Paris, tempted by the prices as the euro reached parity with the U.S. FILE PHOTO: The Dior logo is seen on a building under renovation of luxury brand Dior on the Champs-Elysees avenue in Paris, France, July 13, 2022.
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