Global Blue Releases the Monthly Tax Free Shopping Business Update for February 2025
In This Article:
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New data from Global Blue reveals double-digit growth in Tax Free Shopping across Continental Europe and Asia Pacific, with Issued Sales in Store (like-for-like year-on-year performance) at +10%1 in February 2025, compared with +29% in January.
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February’s performance was negatively impacted by one less retail day and by two major calendar shifts2 compared to 2024: Lunar New Year and Ramadan.
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The average progression for January and February, which neutralized the Lunar New Year shift effect, reached +20%1, in line with the +21%1 progression in Q4 2024.
SIGNY, Switzerland, March 06, 2025--(BUSINESS WIRE)--A solid performance in Continental Europe despite negative calendar effects
In Continental Europe, the issued Sales in Store increased by +9%1 in February 2025 compared with +19%1 in January, impacted by one less retail day and the shifts of Lunar New Year and Ramadan. This performance was driven by a +9%1 increase in the number of shoppers, while the average spend per shopper remained stable at 0%1.
Among key origin markets, US Tax Free Spend led the growth at +23%1 vs. last year and European Non-EU shoppers also recorded +23%1 growth. Meanwhile, GCC shoppers’ Tax Free spend softened to +21%1 versus +30% in January, reflecting the ten-day shift at the beginning of Ramadan, with a positive impact expected in April 2025.
Mainland Chinese shoppers Tax Free Spend softened by -11%1 versus +1%1 in January, driven by the Lunar New Year shift.
Regarding destination markets, February saw sustained performance across key European markets: Spain at +16%1, Germany at +9%1, Italy at +9%1, and France at +7%1.
A strong performance in Asia Pacific despite negative calendar effects
In Asia Pacific, the issued Sales in Store growth reached +10%1 in February 2025, marking a softening compared to January 2025 (+46%1), impacted by one less retail day and the shift of the Lunar New Year holidays. This performance was driven by a +17%1 increase in the number of shoppers and a +10%1 rise in the average spend per shopper.
Among key origin markets, Mainland Chinese Tax Free Spend led the growth at +19%1 versus +87% in January, impacted by the Lunar New Year shift. Hong Kong and Taiwan shoppers’ Tax Free Spend displayed a similar dynamic, softening to -11%1 versus +22% in January, while North East Asia shoppers’ Tax Free Spend also softened by -34%1 versus -2% in January.
Regarding destination markets, February saw sustained performance across key Asia Pacific markets: South Korea at +50%1, Japan at +14%1, and Singapore at -12%1.
Worldwide Year-on-Year Growth Rate (2025 vs. 2024)
| Issued SIS L/L Year-on-Year Growth | Destination market weight in Issued SIS 2024 |
February 2025 |
January 2025 |
December 2024 |
CY Q4 2024 |
CY Q3 2024 |
CY Q2 2024 |
| France | 16% | +7% | +15% | +19% | +13% | +2% | +10% |
| Italy | 16% | +9% | +22% | +24% | +19% | +16% | +22% |
| Spain | 11% | +16% | +28% | +22% | +21% | +24% | +33% |
| Germany | 5% | +9% | +0% | +14% | +10% | +5% | +2% |
| Other countries | 16% | +6% | +21% | +20% | +17% | +10% | +21% |
| Total Continental Europe | 64% | +9% | +19% | +20% | +16% | +11% | +19% |
| Japan | 26% | +14% | +56% | +32% | +33% | +57% | +172% |
| Singapore | 6% | -12% | +8% | +6% | +10% | -3% | -1% |
| South Korea | 3% | +50% | +72% | +64% | +50% | +42% | +60% |
| Total Asia Pacific | 35% | +10% | +46% | +29% | +29% | +40% | +109% |
| Total Latin America | 1% | +50% | +53% | +32% | +33% | +23% | -2% |
| Total worldwide | 100% | +10% | +29% | +23% | +21% | +19% | +41% |
| Issued SIS L/L recovery (in % of 2019) | Destination market weight in Issued SIS 2019 |
February 2025 |
January 2025 |
December 2024 |
CY Q4 2024 |
CY Q3 2024 |
CY Q2 2024 |
| France | 16% | 188% | 190% | 173% | 159% | 144% | 164% |
| Italy | 17% | 141% | 135% | 147% | 146% | 146% | 156% |
| Spain | 10% | 159% | 201% | 180% | 167% | 161% | 164% |
| Germany | 9% | 79% | 68% | 86% | 78% | 75% | 80% |
| Other countries | 19% | 151% | 149% | 140% | 132% | 126% | 132% |
| Total Continental Europe | 71% | 148% | 150% | 147% | 139% | 133% | 143% |
| Japan | 14% | 263% | 364% | 307% | 299% | 290% | 327% |
| Singapore | 11% | 75% | 99% | 77% | 83% | 81% | 92% |
| South Korea | 3% | 182% | 230% | 174% | 169% | 162% | 158% |
| Total Asia Pacific | 28% | 178% | 239% | 196% | 195% | 186% | 226% |
| Total Latin America | 1% | 127% | 139% | 132% | 125% | 104% | 101% |
| Total worldwide | 100% | 158% | 176% | 163% | 154% | 145% | 165% |
Worldwide Recovery Rate (versus 2019)
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