According to popular tax-free shopping website Global Blue, overseas spending on luxury goods by Chinese tourists is in sharp decline.

Following sluggish sales in January and February, March saw a 24 percent drop in the sale of luxury goods by Chinese tourists overseas. The decline is largely attributed to same goods becoming widely available domestically, leading Chinese shoppers to buy closer to home.

Europe in particular has been hit hard, suffering a year-on-year decline of 34 percent in the luxury goods market. According to Global Blue, the decline of Chinese luxury purchases in Europe is not due to an unfortunate year but rather, part of  “the new normal”.

Meanwhile, luxury good sales in China haven’t fared much better. According to global market research firm, Bain & Company, sales dropped two percent to 113 billion yuan ($17.39 billion) last year. The drop in sales did not go unnoticed by retailers. 83 percent of luxury brands shut down retail outlets in China last year, according to Beijing-based iResearch Consulting Group. Among others, Louis Vuitton closed three stores in China last year, Hugo Boss closed 20, Gucci five, and Prada two.