Shoppers may not be in the mood for lavish spending at the moment, but the retail sector is being “propped up” by spending on the part of international tourists. And luxury fashion is a key beneficiary of this.
Hong Kong is on the verge of its first recession in a decade as increasingly violent anti-government protests scare off tourists and bite into retail sales in one of the world's most popular shopping destinations.
Macy’s cut its full-year earnings forecast on Wednesday after missing estimates for quarterly profit for the first time in at least two years, as it discounted merchandise heavily to clear spring inventory.
The UK remains among the most popular shopping destinations for non-EU shoppers (who claim back the VAT on their purchases) and its sales are rising faster than other European countries, new figures show.
Middle Eastern tourists are expected to boost UK luxury retail this summer with a particular interest in British brands. That’s according to Global Blue, which predicted a 16% rise in transactions by Gulf visitors.
Luxury global search engine Lyst said Tuesday that seven key travel destinations are inspiring consumers’ searches for their summer wardrobes and they’re making an impact on their shopping baskets and Instagram feeds.