MILAN — The loss of tourists caused by the pandemic is dramatically impacting the Italian retail sector.
During a digital webinar organized on Thursday by Global Blue, the tax-free leader presented research conducted by Oxford Economics, a company providing global forecasts and analysis to prevent and manage risk. The study highlighted that in 2020, Milan welcomed almost half the number of international visitors compared to every year in the period of 2001 to 2019. When normally around 4.5 million people visit the European city every year, in 2020 there were only 2.5 million.
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“We expect that they will return to pre-COVID-19 rates in 2023,” said Nicola Nobile, lead economist at Oxford Economics. “However, we believe that international tourists will slowly return to travel to Italy and to Milan in the third quarter of this year.”
The lack of international visitors is causing a drop in the