Tourist spending across Europe fell by 68%, with Italy seeing a massive 96% fall, UBS says - Business Insider

Associated Press

The stats corroborate a recent warning from the UN's World Tourism Organization , which described tourism as "one of the hardest-hit by the outbreak of COVID-19."According to a recent UBS analysts' note – which cited data from Planet, the VAT refund provider – tourist spending across Europe in March fell 68.4% year-on-year.

UBS said that March spending on luxury goods and services in Europe – from the likes of Chanel, Gucci and Louis Vuitton – has nosedived by 78% year-on-year.UBS analysts add that as coronavirus cases start to rise in Europe, governments will be looking to lift lockdowns. But the timing on this remains uncertain.

The stats corroborate a recent warning from the UN's World Tourism Organization , which described tourism as "one of the hardest-hit by the outbreak of COVID-19.", UNWTO said it had "revised its 2020 forecast for international arrivals and receipts," while emphasizing that this forecast is "likely to be further revised."

dont worry about sluggish, Chinese tourists will pour in to buy Italian luxury goods soon.

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