Milan has just been named the world's best fashion and luxury shopping destination. According to research done by SEA, the operator of the Italian business capital's principal airports, and consulting firm Pambianco Strategie di Impresa, the city beat out international competitors Paris, NYC, London and Rome for the top spot. The title was awarded to Milan for a number of reasons including average receipt values, tourist numbers and tourist financial diversity.
While Milan attracts the lowest number of visitors compared to other major shopping destinations —only around six million a year—it was concluded that most of those tourists were there specifically to shop. And while many flock to the luxury shopping area of Via Montenapoleone, just as many customers are shopping on the less expensive Corso Vittorio Emanuele and Corso Buenos Aires streets. Milan’s shopping ticket prices reflects these numbers—tourists in Milan spent an average of €1,398 (approx. $1,568) per transaction, with the average of €1,802 (approx. $2,021) in the luxury district. By comparison Paris brought in €1,241 (approx. $1,392), London €1,240 (approx. $1,390), Rome €978 (approx. $1,097) and New York $800.
According to this same research these tourists make up 60 percent of Italy’s luxury goods sales, and almost 65 percent of the sales in France. Over the last five years sales have increased by 30 percent, but trends show that by 2019 sales in Milan could grow by 17 percent, or roughly 4 percent annually on average. Earlier this year Carlo Calenda, Italy's deputy minister of economic development, announced plans to invest €40 million (approx. $44.86 million) into the country’s fashion industry in an effort to save Italian production. Only time will tell if these financial investments have any change on the country’s luxury sector. Until then they can still celebrate their fashionable victory.