ASIA PACIFIC/EUROPE. Currency pressures forced a sharp drop in spending for Asia Pacific visitors to Europe in the third quarter of 2018, according to a new report.
International payments service and technology provider Planet’s quarterly Planet Shopper Index lists the most lucrative source markets for European retailers by tracking the spending power of tourists from the 25 largest countries by tax free shopping.
Planet said ten out of 13 countries in Asia Pacific experienced a decrease in their index score in the latest report, leading to the region as a whole posting a -5% fall.
Chinese shoppers led the spending in Europe, garnering an index score nearly three times higher than the USA, the second-placed country. This was despite currency pressures, with China carrying the ninth-lowest inflation rate in the index and being placed fourth for average transaction volume.
Hong Kong fell 21 points to a score of 142, amid a slowdown in its economy, and Malaysia fell 17 points to a score of 88 amid currency pressures.
Planet UK Country Manager David Perrotta said: “Across the EU, international shoppers spend on average 3.7 times more than domestic customers … While a number of APAC nations saw their scores fall this quarter, they should not be discounted by retailers.
“In absolute terms, sales to these nations show that they are still crucial source markets for European retailers.”
