Wealthy Russians spend less in Europe while Asians spend more
According to Global Blue, sales of luxury goods in Italy to wealthy Russian, Ukrainian and CIS nationalities, declined by 3%, while sales to Asians increased by 6%. The political and economic turmoil in Russia and Ukraine have contributed to the decline.
In the first quarter of 2014 Tax Free Shopping in Finland (which is almost entirely by Russians) was down by -28%, while total spending by Ukrainians in the same month/city was down -24% year-on-year.
In Paris total spending by Russians was down -7% in February, but rebounded up +11% in March. In Frankfurt total spending on Tax Free Shopping by Russians was down -33% in February, and down -16% in March compared to the same months the previous year.