(WSJ) Chinese bus tour groups crowd the entrances of Galeries Lafayette from the street. Inside, the Louis Vuitton and Chanel boutiques are so full of Mandarin-speaking shoppers that security has cordoned off the area, forcing other Chinese shoppers to wait.
Luxury brands are struggling within China, quietly discounting merchandise to get rid of excess inventory, industry consultants say. But China’s economic slowdown and stock market slide haven’t dented Chinese travelers’ European shopping sprees—at least not yet. Global Blue, a tax-refund service often used by visitors, said it has witnessed a 75% spike in spending by Chinese tourists during the first six months of the year and a 72% increase in August alone, the month when the Chinese currency was devalued and equity prices plummeted.
The average spend by Chinese shoppers in Europe processed by Global Blue over the first six months of the year was €981 (US$1,112), a 7% increase from a year ago.
