Japan Retail Sector: Luxury Sector: end-June price index shows Japan at 101 for France=100, 80 for China=100

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Japan Retail Sector: Luxury Sector: end-June price index shows Japan at 101 for France=100, 80 for China=100

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Japan Retail Sector: Equities

JapanLuxury Sector: end-June price index shows Japan

at 101 for France=100, 80 for China=100 Retail

Takahiro Kazahaya

Analyst

takahiro.kazahaya@ubs.com

Summary +81-3-5208 6226

UBS's European research team published a report on the consumption trends of foreign Zuzanna Pusz, CFA

travellers within Europe and the luxury brand price index entitled, "June Tourism Spend Analyst

in Europe: Growth slightly decelerates to -5% y/y (-1ppt m/m) ." zuzanna.pusz@ubs.com

+39 027 2100 226

Planet Tax Refund Data: weakness continues for Japanese travellers Kazuki Oike

According to Planet, tax-free sales by nationality in June were down 80% for China and Analyst

down 68% for Japan compared with the same month in 2019 (Figure 1Planetdataontax-fresalesinEuropebynationality(changecomparedwith2019), Figure 4Tax-fresalesbynationalitycomparedwith2019(PlanetTaxRefundData)). kazuki.oike@ubs.com

Although Japan’s tax-free sales continue to decline relative to 2019, we believe this is +81-3-5208 6964

not only due to the continued decrease in the number of Japanese nationals traveling Hirotaro Hasegawa

abroad compared with 2019, but also because the weaker yen and stronger euro have Associate Analyst

dampened Japanese consumers' propensity to shop in Europe (Figure 5NumberofJapanesenationalsleavingJapan). In addition, hirotaro.hasegawa@ubs.com

tax-free sales within Europe in June were weak, declining 20% compared with the same +81-3-5208 6684

month in 2019.

Luxury brand price index: Japan 101 with France set at 100

According to UBS Evidence Lab's luxury brand price index, as of the end of June 2026,