When analyzing the year-on-year variation in Tax Free Shopping growth, issued Sales in Store in Continental Europe grew by +32% in February 2024 vs. last year.
New data from Global Blue reveals that the global dynamic recovery for Tax Free Shopping remains strong across Continental Europe and Asia Pacific. Globally, issued Sales in Store like-for-like recovery reached 141% in February 2024 compared to the same period in 2019, vs. 135% in January ’24.
A Steady Worldwide Recovery, Compared to 2019 Levels
In Continental Europe, the recovery strengthened, reaching 132% in February vs. 125% in January, fueled by a strong recovery in France (174%), Spain (134%) and Italy (131%).
In terms of origin markets, GCC shoppers benefited from the seasonal shift of the pre-Ramadan shopping acceleration, reaching 404% recovery in February vs. 273% in January. US shoppers also recorded a strong recovery rate this month, at 316% vs. 290% in January.
In Asia Pacific, the recovery rate remains strong at 159% in February vs. 161% in January, led by Japan (229%). The implementation of the Visa-Free policy for Chinese travelers in Singapore is showing the first signs of a positive impact, with a recovery reaching 74% in February vs. 62% in January.
Regarding origin markets, travelers from Hong Kong and Taiwan continue to lead the recovery, reaching 525% in February vs. 426% in January. Following behind are North East Asia travelers, with a recovery rate of 305% in February vs. 242% in January.
In terms of Mainland Chinese shoppers, the worldwide issued Sales in Store like-for-like recovery reached 98% in February vs. 104% in January. Within Continental Europe, Mainland Chinese shopper recovery reached 71% in February, slightly below January levels at 80%, due to the 2019 Lunar New Year high basis of comparison. In Asia Pacific, Mainland Chinese shopper recovery remains strong, reaching 121% in February vs. 127% in January.
A Strong Year-on-Year Performance for International Shopping
When analyzing the year-on-year variation in Tax Free Shopping growth, issued Sales in Store in Continental Europe grew by +32% in February 2024 vs. last year.
In terms of origin markets, the growth was positively influenced by most nationalities, with Mainland Chinese shoppers leading the way with a +222% growth rate in February 2024. Influenced by the pre-Ramadan period, GCC shoppers continued to show strong growth at +43%, while US shoppers’ Tax Free Spend reached +12%.
In Asia Pacific, the growth rate strongly accelerated, reaching +120% in February 2024 vs. last year. All nationalities contributed positively, with Mainland Chinese shoppers leading the way at +350% in February 2024 vs. 2023, North East shoppers at +118% and Hong Kong and Taiwan shoppers at +54%.
Worldwide recovery rate (versus 2019)
| Issued SIS L/L recovery[1]
(in % of 2019) |
% Tax Free Spend (2019) | February
2024 |
January
2024 |
Q4
2023 |
Q3
2023 |
Q2
2023 |
Q1
2023 |
| France | 22% | 174% | 164% | 140% | 138% | 146% | 147% |
| Italy | 24% | 131% | 111% | 123% | 126% | 128% | 97% |
| Spain | 14% | 134% | 153% | 133% | 127% | 122% | 114% |
| Germany | 13% | 71% | 70% | 74% | 70% | 77% | 66% |
| Other countries | 27% | 127% | 121% | 111% | 119% | 121% | 108% |
| Total Continental Europe | 100% | 132% | 125% | 118% | 119% | 121% | 109% |
| Japan | 54% | 229% | 232% | 225% | 185% | 121% | 98% |
| Singapore | 42% | 84% | 85% | 75% | 84% | 95% | 74% |
| South Korea | 4% | 118% | 131% | 111% | 116% | 109% | 73% |
| Total Asia Pacific | 100% | 159% | 161% | 150% | 134% | 111% | 87% |
| TOTAL WORLDWIDE | 100% | 141% | 135% | 127% | 123% | 118% | 101% |
| Issued SIS L/L Year-on-Year Growth[2] | February
2024 |
January
2024 |
CY (2023) |
| France | +21% | +11% | 26% |
| Italy | +44% | +26% | 25% |
| Spain | +52% | +31% | 15% |
| Germany | +9% | +20% | 8% |
| Other countries |
+30% |
+8% |
26% |
| Total Continental Europe | +32% | +17% | 100% |
| Japan | +170% | +100% | 65% |
| Singapore | +36% | +15% | 27% |
| South Korea | +138% | +108% | 8% |
| Total Asia Pacific | +120% | +71% | 100% |
| TOTAL WORLDWIDE | 57% | +34% | 100% |
1 Recovery rate is equal to 2024 Issued Sales in Store divided by 2019 Issued Sales in Store, like-for-like (i.e.: at constant merchant scope and exchange rates)
2 Growth rate variation year-on-year (2024 vs. the same period in 2023)
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
