Global tourist spending accelerates in Q2: Barclays

Friday, 26 July 2013 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Growth in tourism spending worldwide accelerated to 14% in the second quarter from 10% in the first, Barclays analysts said, citing the latest figures from tax-free shopping facilitator Global Blue. Data shows spending by Chinese tourists rose 22%, against 20% in the first quarter, while Russians spent 16% more, compared with 17% growth in the first quarter, Barclays said.

Spending in Europe grew 15%, up from 11% in the first three months of the year, Barclays added, citing figures from Global Blue, which operates a network of tax refund points for foreign shoppers. In a boost to the luxury goods sector, a major beneficiary of tourist spending, worldwide tourism spending on watches and jewellery grew 3% in the second quarter, reversing a 3% decline in the first, Barclays said. Leather and accessories spending growth doubled to 12%. “With Q2 figures for most of the luxury sector due this week, Global Blue provides some optimism that tourism spend picked up modestly in the period,” the Barclays analysts said.