Russia’s slide into recession has predictably hit European tourism and luxury goods firm hard.<br /><br /> Despite making dramatic reductions and cost-cutting measures to limit the damage, there are few signs things will get better soon.<br /><br /> According to the UN’s World Tourism Organisation, spending on international travel by Russians fell by 6 percent in 2014, a sharp drop from growth of more than 20 percent in previous years.<br /><br /> The rouble lost almost half of its value against the U.S. dollar last year after oil prices crashed and the West imposed sanctions on Moscow over its stance on Ukraine.<br /><br /> Tax-refund company Global Blue says spending by Russian tourists fell 17 percent last year, and plunged 51 percent in January following a 44 percent fall in December. <br /><br /> Although there was an unexpected spike in sales for some in December as Russians offloaded fast-depreciating roubles for durable luxury goods such as Cartier watches, many brands are preparing for a tough 2015.
