This influx of visitors has resulted in a surge in spending in the last five years, assisted by the change in the make-up of the tourists – there are now fewer Western European travelers and more Russian and Asian shoppers in Prague, head of consultancy and research at Cushman & Wakefield in the Czech Republic, Michal Soták said.
The Chinese middle class are leading the way – Asian tourists visiting Prague, with the majority from China, are mostly interested in fashion, Czech glass, watches and jewelry and based on information gathered from retailers, they form around 15-30 percent of the clientele of Pařížská Street, according to JLL data.
Retailers have noticed the increased demand and have responded by hiring shop assistants that are able to speak Chinese, the group said.
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Russian tourists, which are the biggest spenders in total numbers among non EU countries last year and behind 50 percent of all spending, which were the second largest group visiting Prague .
The average spend by a Russian tourist in Prague in 2013 was 6,771 CZK ($306), this compares with the average Chinese tourist spend of around 15,000 CZK ($678) according to recent Global Blue data.
With over 13 million foreign overnight stays in the city a year, Prague is the most visited capital in CE, meaning its local tourism market is larger than that of Berlin or Vienna and has the combined volume of Budapest, Warsaw, and Bratislava according to Cushman & Wakefield.
MasterCard estimated that tourists visiting Prague will spend $3.8 billion dollars in 2014 and the appetite from retailers is showing no signs of abating.
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"We keep on attracting the big names, I cannot tell you who they are, but there are still a number that want to enter the market," Mouton said.
"We are not competing against Russia yet, but definitely against the likes of Madrid and other European capitals," she added.