Global Blue, a tax refund service company, released its tax-free shopping data for August 2024. In August, global in-store tax-free shopping saw a 17% year-on-year increase, although growth slowed compared to July (+25%) and the second quarter (+41%).
— August Tax-Free Shopping in Continental Europe —
In Continental Europe, in-store tax-free shopping revenue grew by 10% year-on-year in August, driven by an 8% increase in foot traffic and a 2% rise in average spend.
From the perspective of source markets, most countries and regions experienced positive growth in in-store sales. Chinese Mainland consumers led globally with a 25% year-on-year increase in tax-free spending. Boosted by the Paris Olympics, tax-free spending by U.S. consumers increased by 18% year-on-year, while spending by Gulf Cooperation Council (GCC) consumers (Kuwait, Qatar, Saudi Arabia, UAE, Bahrain, Oman) declined by 1% year-on-year.
Looking at destination markets, Spain (+23%) and Italy (+12%) showed strong growth, while Germany (+3%) and France (+3%) saw moderate increases, reflecting the varying impacts of the Olympics on different countries.
— August Tax-Free Shopping in the Asia-Pacific Region —
In the Asia-Pacific region, in-store sales saw a strong 37% year-on-year increase in August, supported by a 38% increase in foot traffic, although the average spend declined by 1% year-on-year.
However, compared to the previous three months (May to July) with a high year-on-year growth of 94%, August’s growth slowed, primarily due to a higher comparative base last year and the strengthening of the yen, especially against the renminbi.
From the perspective of origin markets, all countries and regions in the Asia-Pacific showed good growth momentum in in-store sales. Chinese Mainland consumers continued to lead with a 49% year-on-year increase in tax-free spending in August, while foot traffic from the Chinese Mainland grew by 71% year-on-year. Additionally, tax-free spending by consumers from Northeast Asia increased by 37% year-on-year, and spending by consumers from Hong Kong and Taiwan grew by 34% year-on-year.
In terms of destination markets, most Asian destinations performed well in August, with Japan’s tax-free revenue growing by 50% year-on-year, South Korea’s by 43%, and Singapore’s by 4%.
｜Source: Global Blue Report
｜Image Credit: Global Blue Official Website
｜Editor: LeZhi
