Problems in Crimea reverse tourism spend trend
The problems in Crimea are impacting tourism spending by wealthy Russians. A new report by tax-free company Global Blue reveals that in February tax-free spending by Russian shoppers fell suddenly by 17% year-on-year.
The decrease means Russia fell to fourth place in the highest spending globe shopper market behind China, the Middle East and Nigeria.
Political unrest in Crimea, which is leading to Russia becoming an international pariah, as well as a weakening rouble are being blamed for the global decrease.
The decline is a complete reversal from 2013 when Russian spending increased by 16% compared to 2012, with average spend per transaction up by 4%.
“The unstable situation in Russia has shown its effect on tourism spend this year as the weakening economy leaves shoppers disinclined to travel,” Gordon Clark, Global Blue’s UK country manager, said.
[pictured: Brown diamonds at the Museum of Natural History, Washington DC]