Global Blue reveals that the global tax-free market recovery momentum remains strong in continental Europe and Asia Pacific. Globally, the recovery in like-for-like store sales reached 141% in February 2024 compared to the same period in 2019, up from 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%.
