The logo for Tiffany & Co. appears above a post on the floor of the New York Stock Exchange, Wednesday, Nov. 28, 2018. (AP Photo/Richard Drew)
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NEW YORK: There was something missing at the luxury jeweler Tiffany & Co. in recent months: Chinese tourists.Wednesday, shares of Tiffany & Co. plunged 12 percent after reporting weaker-than-expected sales in its third quarter. Last month, the owner of Louis Vuitton noted the same phenomenon of dwindling Chinese tourists. In response to the shift, Tiffany's is increasing its inventory at its stores in mainland China so it's not missing out on any sales.Burke estimates that as much as 30 percent of luxury goods sales globally are made to tourists from China. Dan Jasper, a spokesman at Mall of America's, the nation's largest shopping mall, noted that Chinese tourists tend to be more likely to purchase higher end items including luxury cosmetics, jewelry, clothing and electronics. He said that the number of Chinese tourists to the center continues to grow at a "modest rate". Chinese shoppers will account for 46 percent of global luxury sales of an estimated $412 billion in just six years, Bain said in the study, which was prepared for Italy's Altagamma association of high-end producers.
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