Tiffany’s US sales to Chinese tourists drop 25%

Bloomberg

Tiffany & Co’s US sales to Chinese tourists fell by more than 25 percent last quarter, a trend that’s worsening as a trade war escalates between the two countries.
The jeweller first started seeing cracks in tourist spending a year ago, and it has further deteriorated over the past three quarters. Company executives said on a conference call that the overall sales drop to tourists visiting the US steepened to 25 percent last quarter from a year earlier, and the decline was even deeper among travelers from China, without giving a specific number.
The trend represents a threat for US luxury companies, which depend on deep-pocketed foreigners for a not-insignificant part of their sales. The company’s estimates show that foreign tourists account for a low-double-digit percentage of Tiffany’s US sales.