Luxury Spending in Europe Hit By Drop in Tourist Demand

Tourist shopper at Louis Vuitton boutique | Source: Reuters

PARIS, France — Most luxury goods groups will not publish first-quarter figures until at least later this month, but anecdotal evidence is growing of at least a temporary slowdown in spending by travelers, which analysts say could be linked to worries about the global economy and tax increases in Europe, as well as the tough stance taken by China's new president Xi Jinping on illegitimate gift-giving.

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