SIGNY, Switzerland--(BUSINESS WIRE)--
A solid performance in Continental Europe despite negative calendar effects
In Continental Europe, the issued Sales in Store increased by +9%1 in February 2025 compared with +19%1 in January, impacted by one less retail day and the shifts of Lunar New Year and Ramadan. This performance was driven by a +9%1 increase in the number of shoppers, while the average spend per shopper remained stable at 0%1.
Among key origin markets, US Tax Free Spend led the growth at +23%1 vs. last year and European Non-EU shoppers also recorded +23%1 growth. Meanwhile, GCC shoppers’ Tax Free spend softened to +21%1 versus +30% in January, reflecting the ten-day shift at the beginning of Ramadan, with a positive impact expected in April 2025.
Mainland Chinese shoppers Tax Free Spend softened by -11%1 versus +1%1 in January, driven by the Lunar New Year shift.
Regarding destination markets, February saw sustained performance across key European markets: Spain at +16%1, Germany at +9%1, Italy at +9%1, and France at +7%1.
A strong performance in Asia Pacific despite negative calendar effects
In Asia Pacific, the issued Sales in Store growth reached +10%1 in February 2025, marking a softening compared to January 2025 (+46%1), impacted by one less retail day and the shift of the Lunar New Year holidays. This performance was driven by a +17%1 increase in the number of shoppers and a +10%1 rise in the average spend per shopper.
Among key origin markets, Mainland Chinese Tax Free Spend led the growth at +19%1 versus +87% in January, impacted by the Lunar New Year shift. Hong Kong and Taiwan shoppers’ Tax Free Spend displayed a similar dynamic, softening to -11%1 versus +22% in January, while North East Asia shoppers’ Tax Free Spend also softened by -34%1 versus -2% in January.
Regarding destination markets, February saw sustained performance across key Asia Pacific markets: South Korea at +50%1, Japan at +14%1, and Singapore at -12%1.
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 |
France |
16% |
+7% |
+15% |
+19% |
+13% |
+2% |
+10% |
Italy |
16% |
+9% |
+22% |
+24% |
+19% |
+16% |
+22% |
Spain |
11% |
+16% |
+28% |
+22% |
+21% |
+24% |
+33% |
Germany |
5% |
+9% |
+0% |
+14% |
+10% |
+5% |
+2% |
Other countries |
16% |
+6% |
+21% |
+20% |
+17% |
+10% |
+21% |
Total Continental Europe |
64% |
+9% |
+19% |
+20% |
+16% |
+11% |
+19% |
Japan |
26% |
+14% |
+56% |
+32% |
+33% |
+57% |
+172% |
Singapore |
6% |
-12% |
+8% |
+6% |
+10% |
-3% |
-1% |
South Korea |
3% |
+50% |
+72% |
+64% |
+50% |
+42% |
+60% |
Total Asia Pacific |
35% |
+10% |
+46% |
+29% |
+29% |
+40% |
+109% |
Total Latin America |
1% |
+50% |
+53% |
+32% |
+33% |
+23% |
-2% |
Total worldwide |
100% |
+10% |
+29% |
+23% |
+21% |
+19% |
+41% |
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 |
France |
16% |
188% |
190% |
173% |
159% |
144% |
164% |
Italy |
17% |
141% |
135% |
147% |
146% |
146% |
156% |
Spain |
10% |
159% |
201% |
180% |
167% |
161% |
164% |
Germany |
9% |
79% |
68% |
86% |
78% |
75% |
80% |
Other countries |
19% |
151% |
149% |
140% |
132% |
126% |
132% |
Total Continental Europe |
71% |
148% |
150% |
147% |
139% |
133% |
143% |
Japan |
14% |
263% |
364% |
307% |
299% |
290% |
327% |
Singapore |
11% |
75% |
99% |
77% |
83% |
81% |
92% |
South Korea |
3% |
182% |
230% |
174% |
169% |
162% |
158% |
Total Asia Pacific |
28% |
178% |
239% |
196% |
195% |
186% |
226% |
Total Latin America |
1% |
127% |
139% |
132% |
125% |
104% |
101% |
Total worldwide |
100% |
158% |
176% |
163% |
154% |
145% |
165% |
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, Ukraine etc.
- Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman
- North East Asia countries includes: Japan, South Korea
- South East Asia countries includes: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore
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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.
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