Out of a possible score of 100, London came in at 80.6 in the shopping index, with Paris second at 74.7 and Madrid third with 69.3.
Thirty-three cities were rated, with Geneva coming in last with a score of 41.0.
Once factors including affordability, convenience and culture are added to the calculations, EIU found London stayed top, whilst Paris dropped to fourth behind Madrid and Barcelona, who tied for second place.
London performed poorly in terms of affordability, coming 24th, whilst Sofia topped the list.
Convenience – a category covering factors like shopping hours and safety – was topped by Istanbul, while London ranked a lowly 19th.
“The survey gives an insight into what is driving commercially valuable globe shoppers, whose spending power far exceeds their domestic counterparts and is proactively sought after by retailers and cities all over Europe,” said Global Blue’s chief executive Per Setterberg.