In Continental Europe1, the issued Sales in Store growth rate increased by +10% in August 2024 vs. last year. This growth was led by a +8% increase in the number of shoppers and a +2% increase in the average spend per shopper.
Regarding origin markets1, the positive momentum in issued Sales in Store growth is evident across most nationalities. Mainland Chinese Tax Free Spend led with +25% vs. last year. While US Tax Free Spend was positively influenced by the Olympic Games (+18% increase), it was the opposite for GCC shoppers, who experienced a growth rate of -1% vs. last year.
When examining destination markets1, August showed a strong performance in Spain at +23% and Italy at +12%, while it displayed a moderate performance in Germany at +3% and France at +3%, reflecting the contrasting impact of the Olympic Games by nationality.
A Slowdown of the Hyper Growth Tax Free Spend in Asia Pacific
In Asia Pacific1, the issued Sales in Store growth remains strong, reaching +37%in August 2024, led by a +38% increase in the number of shoppers and a -1% decrease in the average spend per shopper.
The growth rate in August softened compared to the hyper-growth of +94% over the last three months[2]. This is due to a higher basis of comparison, as well as the recent strengthening of the Yen against all major currencies, particularly against the Chinese RMB.
Regarding origin markets1, the positive momentum in issued Sales in Store growth continued across all nationalities. Mainland Chinese Tax Free Spend led with +49% boosted by an increase of +72% in Mainland Chinese shoppers. Meanwhile, North-East Asia Tax Free Spend grew by +37% vs. last year while Hong Kong and Taiwan experienced a +34% growth rate vs. last year.
When examining destination markets1, August showed a positive performance across destinations, with Japan at +50%, South Korea at +43%, and Singapore at +4%.
1 Growth rate variation year-on-year (2024 vs. the same period in 2023)
2 The last three months: May, June, and July 2024
Tags: Global Blue, Shopping Tourism