Planet Tax Refund Data: June Tourism Spend in Europe: Growth slightly decelerates to -5% y/y (-1ppt m/m)

Research evidence excerpt

Planet Tax Refund Data: June Tourism Spend in Europe: Growth slightly decelerates to -5% y/y (-1ppt m/m)

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Planet Tax Refund Data Equities

Europe including UKJune Tourism Spend in Europe: Growth slightly

decelerates to -5% y/y (-1ppt m/m) Textiles & Apparel

Zuzanna Pusz, CFA

Analyst

zuzanna.pusz@ubs.com

June Planet tourist spend -5% y/y in Europe (-1ppt vs. restated May) +39 027 2100 226

According to VAT refund provider Planet, tourist spend in Europe in June decelerated Robert Krankowski

slightly by -1ppt to -5% y/y (restated May -4%; Jun in line with the non-restated May - Analyst

5%, due to a delay of processing the vouchers in the provider’s database), off ~2ppt robert.krankowski@ubs.com

easier comps. Chinese and American spend accelerated m/m by +6ppt to -18% (May - +44-20-7568 1152

24%) and +7.3% respectively (May +1%) respectively. In our view, the sector outlook Takahiro Kazahaya

remains sensitive to macroeconomic and geopolitical uncertainty, given the geopolitical Analyst

tension in the Middle East, the latest Planet data suggests downside momentum may be takahiro.kazahaya@ubs.com

easing. European tourism demand showed only a modest 1ppt deceleration, reinforcing +81-3-5208 6226

the view that conditions are stabilising. Looking ahead to 2026, we are incrementally Cristian Nedelcu, CFA

more constructive on sector fundamentals as the industry responds to luxury fatigue (see Analyst

2026 Outlook); however, clearer evidence of a sustained recovery is likely to emerge only cristian.nedelcu@ubs.com

in H2 2026. In the near term, with sector-wide earnings momentum still limited and +44-20-7568 4375

consumer preferences evolving, we favour companies with idiosyncratic category and Amal Patel

brand momentum.