Luxury Goods Retailing in Europe over 2014-2019 - Market Generated US$116.4 Billion in 2014: ResearchMoz

Albany, NY -- (SBWIRE) -- 11/27/2015 -- Luxury goods retail sales in Europe generated US$116.4 billion in 2014. Many European countries are popular as tax free shopping destinations among tourists. Shoppers from other regions prefer to buy luxury products in Europe to save on huge import taxes. Chinese and Russian tourists are the biggest spenders, however, in recent years, the economic slowdown and currency devaluation coupled with government austerity measures on gift giving in China and the recession and Ruble depreciation in Russia has reduced the number of Chinese and Russian tourists and their spend in European countries resulting in slow growth.