Chinese tourists' luxury spending soars - Global Blue

Chinese tourists spent a record amount on luxury goods last month, helped by shopping sprees in Europe as the weak euro made items cheaper than at home, VAT refund company Global Blue said. Many Chinese tourists have stayed away from luxury hot spot Hong Kong - where big brands have invested significantly in new shops in recent years - following pro-democracy protests last year. "This continues to reflect the redirection of Chinese spending from Hong Kong towards Europe in particular, given the widening of the price differentials, which is a much-discussed theme during the ongoing reporting season," broker Barclays said in a note about the Global Blue figures.

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