How Calendar Shifts Impacted Global Tax-Free Shopping: Key Markets Analysis
Global Blue reports Tax Free Shopping performance for February 2025, showing a +10% year-on-year growth in Issued Sales in Store, down from +29% in January. The slowdown was attributed to one less retail day and calendar shifts in Lunar New Year and Ramadan.
Continental Europe saw +9% growth, driven by increased shopper numbers, with US and European Non-EU shoppers both up +23%. GCC spending softened to +21%, while Mainland Chinese spending declined -11%. Key markets performed well: Spain (+16%), Germany (+9%), Italy (+9%), and France (+7%).
Asia Pacific recorded +10% growth, down from January’s +46%, impacted by calendar effects. The region saw +17% more shoppers and +10% higher average spend. Mainland Chinese spending grew +19%, while Hong Kong/Taiwan declined -11% and North East Asia fell -34%. Key markets showed mixed results: South Korea (+50%), Japan (+14%), and Singapore (-12%).
Global Blue riporta le performance dello Shopping Tax Free per febbraio 2025, mostrando una crescita del +10% anno su anno nelle Vendite Emesse in Negozio, in calo rispetto al +29% di gennaio. Il rallentamento è stato attribuito a un giorno di vendita in meno e ai cambiamenti di calendario per il Capodanno Lunare e il Ramadan.
Europa continentale ha visto una crescita del +9%, trainata dall’aumento del numero di acquirenti, con gli acquirenti statunitensi e europei non appartenenti all’UE in aumento del +23%. La spesa del GCC è diminuita a +21%, mentre la spesa della Cina continentale è calata del -11%. I mercati chiave hanno registrato buone performance: Spagna (+16%), Germania (+9%), Italia (+9%) e Francia (+7%).
Asia Pacifico ha registrato una crescita del +10%, in calo rispetto al +46% di gennaio, influenzata da effetti di calendario. La regione ha visto un aumento del +17% nel numero di acquirenti e una spesa media più alta del +10%. La spesa della Cina continentale è aumentata del +19%, mentre Hong Kong/Taiwan è diminuita del -11% e l’Asia del Nord Est è calata del -34%. I mercati chiave hanno mostrato risultati misti: Corea del Sud (+50%), Giappone (+14%) e Singapore (-12%).
Global Blue informa sobre el rendimiento de las Compras Tax Free para febrero de 2025, mostrando un crecimiento del +10% interanual en Ventas Emitidas en Tienda, en comparación con el +29% de enero. La desaceleración se atribuyó a un día menos de venta y a cambios en el calendario debido al Año Nuevo Lunar y al Ramadán.
Europa continental vio un crecimiento del +9%, impulsado por el aumento en el número de compradores, con compradores de EE. UU. y de Europa no perteneciente a la UE en aumento del +23%. El gasto en el GCC se suavizó a +21%, mientras que el gasto de China continental disminuyó un -11%. Los mercados clave tuvieron un buen desempeño: España (+16%), Alemania (+9%), Italia (+9%) y Francia (+7%).
Asia-Pacífico registró un crecimiento del +10%, en comparación con el +46% de enero, afectado por efectos de calendario. La región vio un +17% más de compradores y un aumento del +10% en el gasto promedio. El gasto de China continental creció un +19%, mientras que Hong Kong/Taiwán disminuyó un -11% y el noreste de Asia cayó un -34%. Los mercados clave mostraron resultados mixtos: Corea del Sur (+50%), Japón (+14%) y Singapur (-12%).
글로벌 블루는 2025년 2월의 면세 쇼핑 성과를 보고하며, 매장 내 발행 판매가 전년 대비 +10% 성장했다고 전했습니다. 이는 1월의 +29%에서 감소한 수치입니다. 이러한 둔화는 판매일이 하루 줄어든 것과 음력설 및 라마단의 달력 변화에 기인했습니다.
유럽 대륙은 +9% 성장률을 보였으며, 이는 쇼핑객 수 증가에 힘입은 것입니다. 미국과 유럽 비EU 쇼핑객이 각각 +23% 증가했습니다. GCC 지출은 +21%로 둔화되었고, 중국 본토의 지출은 -11% 감소했습니다. 주요 시장들은 좋은 성과를 보였습니다: 스페인 (+16%), 독일 (+9%), 이탈리아 (+9%), 프랑스 (+7%).
아시아 태평양은 +10% 성장률을 기록했으며, 이는 1월의 +46%에서 감소한 수치입니다. 이 지역은 +17% 더 많은 쇼핑객과 +10% 높은 평균 지출을 보았습니다. 중국 본토의 지출은 +19% 증가했지만, 홍콩/대만은 -11% 감소하고 북동아시아는 -34% 하락했습니다. 주요 시장들은 혼합된 결과를 보였습니다: 한국 (+50%), 일본 (+14%), 싱가포르 (-12%).
Global Blue rapporte les performances du Shopping Tax Free pour février 2025, montrant une croissance de +10% d’une année sur l’autre dans les Ventes Émises en Magasin, en baisse par rapport à +29% en janvier. Le ralentissement a été attribué à un jour de vente de moins et à des changements de calendrier pour le Nouvel An Lunaire et le Ramadan.
Europe continentale a enregistré une croissance de +9%, soutenue par l’augmentation du nombre de clients, avec des clients américains et européens non-UE en hausse de +23%. Les dépenses du GCC ont ralenti à +21%, tandis que les dépenses de la Chine continentale ont chuté de -11%. Les principaux marchés ont bien performé : Espagne (+16%), Allemagne (+9%), Italie (+9%) et France (+7%).
Asie-Pacifique a enregistré une croissance de +10%, en baisse par rapport à +46% en janvier, impactée par des effets de calendrier. La région a vu +17% de clients supplémentaires et une dépense moyenne supérieure de +10%. Les dépenses de la Chine continentale ont augmenté de +19%, tandis que Hong Kong/Taïwan ont diminué de -11% et l’Asie du Nord-Est a chuté de -34%. Les marchés clés ont montré des résultats mitigés : Corée du Sud (+50%), Japon (+14%) et Singapour (-12%).
Global Blue berichtet über die Leistung des Tax Free Shopping für Februar 2025 und zeigt ein Wachstum von +10% im Jahresvergleich bei den im Geschäft ausgegebenen Verkäufen, ein Rückgang von +29% im Januar. Der Rückgang wurde auf einen Verkaufstag weniger und Kalenderverschiebungen beim Mondneujahr und Ramadan zurückgeführt.
Westeuropa verzeichnete ein Wachstum von +9%, angetrieben durch die gestiegene Anzahl an Käufern, wobei Käufer aus den USA und aus Europa außerhalb der EU beide um +23% zulegten. Die Ausgaben im GCC gingen auf +21% zurück, während die Ausgaben aus dem chinesischen Festland um -11% sanken. Wichtige Märkte zeigten gute Leistungen: Spanien (+16%), Deutschland (+9%), Italien (+9%) und Frankreich (+7%).
Asien-Pazifik verzeichnete ein Wachstum von +10%, ein Rückgang von +46% im Januar, beeinflusst durch Kalendereffekte. Die Region verzeichnete +17% mehr Käufer und +10% höhere durchschnittliche Ausgaben. Die Ausgaben aus dem chinesischen Festland stiegen um +19%, während Hongkong/Taiwan um -11% zurückging und Nordostasien um -34% fiel. Wichtige Märkte zeigten gemischte Ergebnisse: Südkorea (+50%), Japan (+14%) und Singapur (-12%).
Positive
- US and European Non-EU shoppers both grew +23% in Continental Europe
- South Korea showed exceptional growth of +50% in Tax Free Shopping
- Asia Pacific shopper numbers increased +17% with +10% higher average spend
- Spain led European markets with +16% growth
Negative
- Overall growth slowed to +10% from +29% in January
- Mainland Chinese spending declined -11% in Continental Europe
- North East Asia spending fell sharply by -34%
- Singapore recorded negative growth of -12%
Insights
Global Blue’s February 2025 Tax Free Shopping update shows +10% year-over-year growth in Issued Sales in Store despite temporary calendar headwinds. This represents a deceleration from January’s +29% growth, primarily attributed to one fewer retail day and shifts in Lunar New Year and Ramadan timing.
Looking beyond the monthly volatility, the combined January-February average of +20% aligns closely with Q4 2024’s +21% performance, suggesting the underlying growth trajectory remains intact. The +9% increase in European shopper numbers with flat average spending indicates volume-driven growth, while Asia Pacific’s stronger metrics (+17% shopper increase, +10% higher spend per person) demonstrate more robust regional performance.
Notable geographic trends include South Korea’s exceptional +50% growth contrasting with Singapore’s -12% decline. The American market continues showing strength with US shoppers increasing spending by +23% in Continental Europe. Meanwhile, Chinese spending patterns diverged significantly between regions – declining -11% in Europe while growing +19% in Asia Pacific.
The company’s explicit attribution of performance variations to calendar effects suggests management expects normalization in coming months, particularly with Ramadan’s shift potentially benefiting April results. This report reinforces Global Blue’s significant exposure to international travel patterns and regional economic conditions, with performance highly sensitive to calendar shifts affecting global shopping tourism.
-
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,
A solid performance in Continental Europe despite negative calendar effects
In Continental
Among key origin markets, US Tax Free Spend led the growth at +
Mainland Chinese shoppers Tax Free Spend softened by –
Regarding destination markets, February saw sustained performance across key European markets:
A strong performance in
In
Among key origin markets, Mainland Chinese Tax Free Spend led the growth at +
Regarding destination markets, February saw sustained performance across key
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 |
|
|
|
+ |
+ |
+ |
+ |
+ |
+ |
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+ |
+ |
+ |
+ |
+ |
+ |
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+ |
+ |
+ |
+ |
+ |
+ |
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+ |
+ |
+ |
+ |
+ |
+ |
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Other countries |
|
+ |
+ |
+ |
+ |
+ |
+ |
|
Total Continental Europe |
|
+ |
+ |
+ |
+ |
+ |
+ |
|
|
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+ |
+ |
+ |
+ |
+ |
+ |
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– |
+ |
+ |
+ |
– |
– |
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+ |
+ |
+ |
+ |
+ |
+ |
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Total |
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+ |
+ |
+ |
+ |
+ |
+ |
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Total |
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+ |
+ |
+ |
+ |
+ |
– |
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Total worldwide |
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+ |
+ |
+ |
+ |
+ |
+ |
|
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 |
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Other countries |
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Total Continental Europe |
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Total |
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Total |
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Total worldwide |
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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,
– Gulf Cooperation Council countries include:
– North East Asia countries includes:
–
ABOUT GLOBAL BLUE
Global Blue is the business partner for the shopping journey, providing technology and services to enhance the experience and drive performance.
With over 40 years of expertise, today we connect thousands of retailers, acquirers, and hotels with nearly 80 million consumers across 53 countries, in three industries: Tax Free Shopping, Payments and Post-Purchase solutions.
With over 2,000 employees, Global Blue generated
For more information, please visit www.globalblue.com
Global Blue Monthly Intelligence Briefing, February 2025, Source: Global Blue
1 Growth rate variation year-on-year (2025 vs. the same period in 2024)
2 Lunar New Year took place from February 3 to February 18 in 2024 and from January 25 to February 9 in 2025. Ramadan took place from March 10 to April 9 in 2024, and will take place from February 28 to March 30 in 2025.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306016983/en/
MEDIA
Virginie Alem – Chief Marketing Officer and Chief Operating Officer Japan
Mail: valem@globalblue.com
INVESTOR RELATIONS
Frances Gibbons – Head of Investor Relations
Mob: +44 (0)7815 034 212
Mail: fgibbons@globalblue.com
Source: Global Blue
FAQ
What was Global Blue’s Tax Free Shopping growth rate in February 2025?
Global Blue reported a +10% year-on-year growth in Tax Free Shopping Issued Sales in Store for February 2025.
How did US shoppers perform in Continental Europe’s Tax Free Shopping for February 2025?
US shoppers led growth in Continental Europe with a +23% increase in Tax Free Shopping spend compared to the previous year.
What was the impact of Lunar New Year on Chinese spending in Continental Europe?
Mainland Chinese Tax Free Shopping spend in Continental Europe declined by -11% due to the Lunar New Year calendar shift.
Which country showed the strongest Tax Free Shopping performance in Asia Pacific for February 2025?
South Korea showed the strongest performance in Asia Pacific with a +50% growth in Tax Free Shopping.
How did the number of shoppers and average spend change in Asia Pacific for February 2025?
Asia Pacific saw a +17% increase in shopper numbers and a +10% rise in average spend per shopper.
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