Thais like Gucci savings to fall back Philippine Peso spent in Paris
Ayie Aligada, a former head of training airline Manila, acquired by the Philippine peso jump by 4 percent against the euro in recent weeks that many, if they have a bag packed Chloe € 1,475 ($ 1,857) on an off for a month in Europe .
She had a lot of companies are on his visit to Paris, Barcelona and Rome, where Asian buyers queue up outside the shops for luxury goods. Elaine Chua, 32, housewife from Singapore, went to Paris for four days in April and recorded more than 1,500 Singapore dollars ($ 1,178) on a Chanel bag, the price for a round-trip. Pongsak Luangaram, 41, a lecturer in Bangkok, had a plan to visit Japan and went to Italy in May to buy a Ferrari jacket.
Europe rose a more attractive destination for Asians after the peso by 19 percent against the euro last year and China's yuan rose by 17 percent. Bookings to 30 percent in Manila in the first quarter and China 12 percent should go to France in 2012. Their spending is supported by hotels, shops and restaurants such as the debt crisis is the local demand. Ermenegildo Zegna SpA is the storage of most styles of visitors and Prada SpA may favor to raise prices.
"Continues with the debt crisis and economic slowdown, the euro continued to weaken against Asian currencies," said Akira Takei, Tokyo-based head of international fixed-income division at Mizuho Asset Management Co., which more than $ 41000000000 serves and is part the third-largest listed bank in Japan. "The exchange rates are for buyers and Asian tourism businesses in Europe cheap, but the pickup in the number of visitors will not be enough to make the crisis reversed."
Exchange rate windfall
The International Monetary Fund predicts a growth of 7.3 percent for the economies of developing countries in Asia this year and a contraction of 0.3 percent in the 17-nation euro. Italy, Greece and Portugal are in a recession, the Spanish economy shrank by 0.4 percent year on year in the first quarter, the Netherlands fell by 0.8 percent percent and 0.3 percent of French growth was the slowest since 2009.
The peso hit 52.32 EUR per day, the highest level since October 2002. The Singapore dollar strengthened by 12 percent last year and touched $ 1.5862 today, a decade high P. The average increase for the 11 Asian currencies used was 11 percent.
"We had a deal on the exchange rate," said Aligada, 53, who traveled with her husband, an executive in a business phone.
The multilingual staff
Ermenegildo Zegna, a closely guarded Italian luxury goods maker, rose "aggressive" in marketing, including working with travel agents for tourists to know where to find its European subsidiaries, CEO of Ermenegildo Zegna said in 1 June 23 interview in Milan. The company, which may see 10 percent sales growth in 2012 changed the size and added more products and has multilingual staff, he said.
Prada, the Italian fashion house, benefiting from rich Chinese tourists, CEO Patrizio Bertelli said in an interview in May. A further decline of the euro has prompted the company to increase prices by up to 10 percent in Europe, he said.
In the first quarter, tourism in Italy from Asia increased by 22 percent over the previous year to 354 000. Their spending rose 24 percent to 462 million euros, the Bank of Italy data show.
Gucci, Louis Vuitton
Gucci's sales in Europe were driven by tourist demand, according to Jean-Marc Duplaix, Chief Financial Officer of PPR SA in Paris, the French owner of the luxury brand is based.
"Local demand is still good in Europe, but it is true that the influx of tourists has contributed significantly to growth," he said during a telephone conference on 25 April, a rise of 15 percent in the first quarter sales.