Global tourist spending accelerates in Q2: Barclays

A Chinese customer shops at Harrods department store in London on Dec 10, 2012. Data shows spending by Chinese tourists rose 22 per cent, against 20 per cent in the first quarter. -- FILE PHOTO: AFP
A Chinese customer shops at Harrods department store in London on Dec 10, 2012. Data shows spending by Chinese tourists rose 22 per cent, against 20 per cent in the first quarter. -- FILE PHOTO: AFP

PARIS (REUTERS) - Growth in tourism spending worldwide accelerated to 14 per cent in the second quarter from 10 per cent in the first, Barclays analysts said on Tuesday, citing the latest figures from tax-free shopping facilitator Global Blue.

Data shows spending by Chinese tourists rose 22 per cent, against 20 per cent in the first quarter, while Russians spent 16 per cent more, compared with 17 per cent growth in the first quarter, Barclays said.

Spending in Europe grew 15 per cent, up from 11 per cent 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.

The Swiss-based firm declined to confirm the figures which are due to be published on Wednesday.

In a boost to the luxury goods sector, a major beneficiary of tourist spending, worldwide tourism spending on watches and jewellery grew 3 per cent in the second quarter, reversing a 3 per cent decline in the first, Barclays said.

Leather and accessories spending growth doubled to 12 per cent.

"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.

French luxury giant LVMH and Gucci owner Kering are due to publish second-quarter results on Thursday.