Retailers report Russian spending drop

New data released on Russian spending in June reveals a significant drop.

According to data released by tax return specialists Global Blue, Russian tourist spending dropped by 13% in June.

Attributed to rising political and social tensions between Russia and the West, as well as escalations in the Ukraine crisis, experts have warned that these figures could deteriorate in the wake of recent events.

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Russians account for a large percentage of retail sales, especially in the luxury sector, accounting for 16% of luxury goods spend annually, according to a 2013 survey by Barclays.

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