In recent years Paris has brought in more than 10 billion euros ($10.6 billion) in luxury-sales revenue annually, according to Bain & Company, with almost two-thirds of that from foreign visitors. In the past year this has fallen dramatically.

“Changes in visa regulations for Chinese visitors made a big impact, as did the considerable shifts in currency valuations,” Marc-Andre Kamel, a partner with Bain, said last week. “The weak pound has made Britain a very attractive place to visit for tourists, even the most wealthy ones, who can get far more for their money there.”