Global Blue Releases the Monthly Tax Free Shopping Business Update for December 2024
In This Article:
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New data from Global Blue reveals that the worldwide growth in Tax Free Shopping is positive across Continental Europe and Asia Pacific: Issued Sales in Store like-for-like year-on-year performance reached +23%1 in December 2024.
SIGNY, Switzerland, January 10, 2025--(BUSINESS WIRE)--A Sustained Performance in Continental Europe for International Shopping
In Continental Europe, the issued Sales in Store increased by +20%1 in December 2024 vs. last year, ahead of November growth (+16%1). This growth was led by a +22%1 increase in the number of shoppers and was slightly impacted by a softening of -2%1 in the average spend per shopper.
When examining origin markets, GCC shopper Tax Free Spend led the way at +41%1 vs. last year, followed by US shoppers at +34%1, European Non-Eu shoppers at 26%1, while Mainland Chinese shopper Tax Free Spend was flat (0%1).
Regarding destination markets, December showed a solid performance in Italy at +24%1, Spain at +22%1, and France at +19%1, partly due to the softening of the Euro against all major currencies.
A Very Strong Tax Free Spend Performance in Asia Pacific
In Asia Pacific, the issued Sales in Store growth reached +29%1 in December 2024, closely in line with November 2024 (+30%1), led by a +29%1 increase in the number of shoppers and no change in the average spend per shopper (0%1).
When examining origin markets, the positive momentum in issued Sales in Store growth continued across most nationalities. Mainland Chinese shopper Tax Free Spend led with a +54%1 increase, driven by a +81%1 rise in the number of shoppers. Hong Kong and Taiwan shopper Tax Free Spend experienced a rise of +13%1 vs. last year while North East Asia shopper Tax Free Spend softened by -19%1 vs. last year.
Regarding destination markets, December showed a strong performance across destinations, with South Korea at +64%1, Japan at +32%1, and Singapore at +6%1.
Worldwide Year-on-Year Growth Rate (2024 vs. 2023)
| Issued SIS L/L Year-on-Year Growth | Destination market weight in Issued SIS 2023 |
December 2024 |
November 2024 |
October 2024 |
CY Q3 2024 | CY Q2 2024 |
CY Q1 2024 |
| France | 19% | +19% | +12% | +10% | +2% | +10% | +11% |
| Italy | 17% | +24% | +20% | +15% | +16% | +22% | +29% |
| Spain | 11% | +22% | +20% | +21% | +24% | +33% | +32% |
| Germany | 6% | +14% | +6% | -5% | +5% | +2% | +6% |
| Other countries | 18% | +20% | +16% | +11% | +10% | +21% | +16% |
| Total Continental Europe | 71% | +20% | +16% | +12% | +11% | +19% | +19% |
| Japan | 18% | +32% | +34% | +32% | +57% | +172% | +137% |
| Singapore | 8% | +6% | +8% | +16% | -3% | -1% | 25% |
| South Korea | 2% | +64% | +48% | +42% | +42% | +60% | 110% |
| Total Asia Pacific | 28% | +29% | +30% | +29% | +40% | +109% | 97% |
| Total Latin America | 1% | +32% | +34% | +32% | +23% | -2% | +9% |
| Total worldwide | 100% | +23% | +21% | +17% | +19% | +41% | 40% |
Worldwide Recovery Rate (versus 2019)
| Issued SIS L/L recovery (in % of 2019) | Destination market weight in Issued SIS 2019 |
December 2024 |
November 2024 |
October 2024 |
CY Q3 2024 | CY Q2 2024 |
CY Q1 2024 |
| France | 16% | 173% | 154% | 150% | 144% | 164% | 165% |
| Italy | 17% | 147% | 147% | 144% | 146% | 156% | 123% |
| Spain | 10% | 180% | 171% | 158% | 161% | 164% | 151% |
| Germany | 9% | 86% | 79% | 66% | 75% | 80% | 65% |
| Other countries | 19% | 140% | 134% | 121% | 126% | 132% | 126% |
| Total Continental Europe | 71% | 147% | 138% | 131% | 133% | 143% | 128% |
| Japan | 14% | 307% | 296% | 293% | 290% | 327% | 232% |
| Singapore | 11% | 77% | 86% | 87% | 81% | 92% | 92% |
| South Korea | 3% | 174% | 173% | 163% | 162% | 158% | 125% |
| Total Asia Pacific | 28% | 196% | 198% | 191% | 186% | 226% | 166% |
| Total Latin America | 1% | 132% | 110% | 132% | 104% | 101% | 94% |
| Total worldwide | 100% | 163% | 155% | 146% | 145% | 165% | 140% |
APPENDIX
GLOSSARY
- European Non-EU countries include: Shoppers who can reach destination by land transportation or less than a two hour flight. Ex: Swiss, British, Ukraine etc.
- Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman
- North East Asia countries includes: Japan, South Korea
- South East Asia countries includes: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore