In March, the spending of tourists in Italy collapsed by 96% due to pandemic coronavirus, in Europe as a whole decreased by 68%, according to the portal Business Insider, citing a study by UBS Bank.

“Compared to March last year, tourist expenditures in Europe decreased by 68.4%, while spending by Chinese travelers fell to 84.6%. The most severely affected Italy, where costs fell by 96%. It is expected that in April the rest of the country reached its level,” writes the portal.

As noted, among the most affected in this situation, sellers of luxury goods and services. Thus, the sale of brands like Chanel, Gucci and Louis Vuitton fell by 78% yoy.

“The authorities of the European countries will gradually remove the restrictions associated with coronavirus, but the timing is still uncertain. Analysts at UBS suggest that shops of luxury goods will be opened not before June. It will have a strong impact on their business,” reports the portal.

Earlier the world tourism organization (UNWTO) has called tourism the most affected sector due to coronavirus and revised the forecast number of tourist trips in 2020 to the downside.