Tourism recovery boosts Tax Free shopping in 2024
12-08-24
Growth in duty-free shopping, known as Tax Free, is reaching record levels in 2024, driven by a recovery in tourism and an increase in international travel. Data from Global Blue shows a significant increase in revenue during the second quarter of the year, up 41% compared to the same period last year.
Continental Europe has been a key player in this recovery, with 12% growth in July, although with some exceptions, such as France, which has seen a drop in its figures due to preparations for the Paris Olympics. The increase in the number of buyers and higher average spending per person have been key factors in this recovery.
Mainland China has led the growth in Tax Free spending, with a 33% increase in July. This growth has been driven by the return of Chinese tourists to the global market, closely followed by the United States, which recorded a 15% increase in spending and a 20% increase in the number of buyers.
Asia-Pacific, meanwhile, has shown an impressive performance, with 64% growth in July. Japan and South Korea have been the most prominent markets, with increases of 103% and 44%, respectively. Singapore, however, has faced a setback, with a 9% drop in revenues.
This boom in Tax Free purchases underscores the importance of global economic stability and currency fluctuations on market performance. As tourism continues its recovery, these positive trends are expected to continue, albeit with some variation depending on economic and geopolitical challenges that may arise.
The growth in Tax Free purchases reflects not only the recovery in tourism, but also increased consumer confidence in the global marketplace. With markets such as China and the United States leading the way, the industry expects this upward trend to continue in the coming months, marking an important turning point in the post-pandemic economic recovery.
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