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Tourism, luxury goods companies hard hit by Russia's recession

Spending by Russian tourists in Europe drops 20-30%; some retailers sacrifice margins while others cut staff

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Egypt, whose tourism sector gets 30 per cent of its business from Russia, saw a 50 per cent plunge in visits from Russians in December, and another 20 per cent in January year-on-year.

Paris

RUSSIA'S lurch into recession has hit many tourism and luxury goods companies hard, forcing them to cut prices - and in turn costs - in an attempt to limit the damage.

And there are few signs things will get better soon, with a fragile ceasefire in eastern Ukraine doing

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