Global Blue Releases the Monthly Tax Free Shopping Business Update for February 2025

In This Article:

  • 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.

  • 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.

  • 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