Tourist spending across Europe fell by 68%, with Italy seeing a massive 96% fall, UBS says
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."
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