Tourists generate more than a third of global luxury sales, so a slowdown in spending is bad news for the sector. Spending is down 5 percent in Europe this year, dragged down by a 16 percent drop in France following the November terror attacks in Paris, according to Global Blue, which handles payment processing for tax-free shopping. The deceleration adds to the challenges facing the likes of German fashion label Hugo Boss and Italian shoemaker Tod’s, which get more than half their sales from Europe.

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