A shopper strolls through a mall in Riyadh, Saudi Arabia.
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At first glance, it might not seem like wallets are tight inside Riyadh's Centria Mall.Falling crude prices have crimped the spending power of luxury-goods consumers in the Middle East, while a weak ruble means fewer free-spending Russians have visited the region, according to consultant Bain & Co. Burberry Group PLC and Milan-based Prada SpA have said their sales in the region have been hurt by a lack of visitors.Middle East luxury sales rose just 1 percent to 8.1 billion euros ($9.2 billion) in 2015, slowing from the region's 4 percent gain in 2014, Bain estimates.The global luxury sector will expand just 2 percent in 2016, making it the industry's second weakest year since 2009, estimates Italian luxury association Fondazione Altagamma.
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