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The Absence of Chinese Tourists will Negatively Affect the Russian Market of Premium and Luxury Goods
12.02.2020 14:21
The Absence of Chinese Tourists will Negatively Affect the Russian Market of Premium and Luxury Goods

Spendings of the Chinese  in Russia hit a third due to the spread of the deadly virus. According to the calculations of the Russian Standard Bank, the number of payments through the Chinese Alipay in January decreased by 31.2 percent (compared with January 2019). For the first week of February, the decline was already 73.4 percent. This is due to the ban on organized trips from China.

      The absence of Chinese tourists will negatively affect the Russian market of premium and luxury goods, which is dependent on buyers from China. Since the beginning of the year, the outflow of customers in premium segment shopping centers amounted to almost 9.5 percent. In addition to trade and tourism, museums also suffer losses.


Author: Anna Dorozhkina

Tags: Russia International Russian business shopping in Moscow   

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