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BRIC and ‘Next-11’ nations provide strong gains in May

BRIC and ‘Next-11’ nations provide strong gains in May



Sales to BRIC nations saw growth of 31% in May following the 33% growth in sales to these tourists in April, and the 29% increase in Q1 2017.

15th June 2017.

 

Sales to BRIC nations saw growth of 31% in May following the 33% growth in sales to these tourists in April, and the 29% increase in Q1 2017. Sales to Russian and Indian tourists saw gains of 22% whilst sales to Chinese and Brazilian tourists increased by 35%, and with the BRIC nations representing 38% of tourist sales on a YTD basis, this provided the platform for the significant gains seen in the month.

 

The ‘Next-11’ was the term coined by Goldman Sachs for the next group of countries, along with the BRIC nations, that would have the potential to rank amongst the world’s largest economies in the 21st century, with this list comprising of Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea and Vietnam.

 

Tax Free sales to this group of nations saw growth of 29% in May, with sales to tourists from Mexico, the Philippines and Pakistan evidencing gains of 30%+, whilst sales to Vietnamese tourists saw growth of 58%. However, these gains were eclipsed by the 72% growth in sales to South Korean tourists, which saw these tourists elevated to 4th position in top ranking nationalities in the month.

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