The Latest European Retail Sales Quarterly Report: The Highest Contribution Of Chinese Consumers

 

On the whole, consumers in developed countries are still the main force of tourism consumption in Europe, and the United States, Singapore and Canada show an upward trend. In the second quarter of this year, US consumers became the fastest growing part of retail sales in Europe.

 

In the second quarter, US consumer spending rose the highest in Europe, but the overall contribution remained the second in China. The result shows that the worries of the US manufacturing recession and the tight trade war between China and the United States do not affect the consumption of American consumers overseas, especially the exchange rate of the US dollar against the euro and the pound. This is very important for luxury brands, especially in fashion and beauty - the two main categories of tourism consumption in Britain and Europe.

 

In the second quarter, duty-free retail sales of US consumers achieved a 14 quarter two digit growth, an increase of 15% over the same period in July, and the increase was more than 30% earlier this year.

 

Planet pointed out that the emerging economies in the Asia Pacific region are constantly promoting the diversified development of European retail. Consumer spending in Europe, China, Indonesia and Indonesia is on the rise.

 

 

The growth of consumer spending in emerging economies has made up for the decline in the major luxury consumer market. Chinese consumers are still the leading force, but the overall trend is slowing. Russian consumer spending is also slowing. Russia grew in the first quarter, but it was the worst in the second quarter. Nevertheless, benefiting from the positive growth of GDP in Russia, the inflation adjusted wage growth has been 3.5% since the beginning of this year, and it is still one of the three largest countries in the world with the highest tax-free consumption.

 

Driven by consumers in the US and Pan Asia Pacific region, the latest PSI three data reached an average of 98. PSI is a composite index ranking the 25 most active overseas shopping countries in Europe through comprehensive tax-free payments, retail sales and economic data.

 

Planet pointed out that compared to the first quarter, PSI's score increased by 7 points, and the growth rate increased by 4 points, while Indonesia increased by 3 points. In the Asia Pacific emerging economies, the growth rate of the fastest growth rate, PSI score increased 8 points.

 

Planet also said that this year, in the UK's ICC Cricket World Cup, 80 thousand tourists were brought to the UK to boost the tax-free sales in June by 18%. Consumers also have high demand for luxury goods: luxury goods account for 42% of the total expenditure of tourists in the UK. This proportion is higher than that of European traditional luxury consumption main body, namely, China and the Gulf Cooperation Council member (Gulf Co-Operation Council/GCC), including seven member countries, including the United Arab Emirates, Japan, China, Qatar, and Saudi Arabia.