SIGNY, Switzerland, January 10, 2025–(BUSINESS WIRE)–A Sustained Performance in Continental Europe for International Shopping
In Continental Europe, the issued Sales in Store increased by +20%1 in December 2024 vs. last year, ahead of November growth (+16%1). This growth was led by a +22%1 increase in the number of shoppers and was slightly impacted by a softening of -2%1 in the average spend per shopper.
When examining origin markets, GCC shopper Tax Free Spend led the way at +41%1 vs. last year, followed by US shoppers at +34%1, European Non-Eu shoppers at 26%1, while Mainland Chinese shopper Tax Free Spend was flat (0%1).
Regarding destination markets, December showed a solid performance in Italy at +24%1, Spain at +22%1, and France at +19%1, partly due to the softening of the Euro against all major currencies.
A Very Strong Tax Free Spend Performance in Asia Pacific
In Asia Pacific, the issued Sales in Store growth reached +29%1 in December 2024, closely in line with November 2024 (+30%1), led by a +29%1 increase in the number of shoppers and no change in the average spend per shopper (0%1).
When examining origin markets, the positive momentum in issued Sales in Store growth continued across most nationalities. Mainland Chinese shopper Tax Free Spend led with a +54%1 increase, driven by a +81%1 rise in the number of shoppers. Hong Kong and Taiwan shopper Tax Free Spend experienced a rise of +13%1 vs. last year while North East Asia shopper Tax Free Spend softened by -19%1 vs. last year.
Regarding destination markets, December showed a strong performance across destinations, with South Korea at +64%1, Japan at +32%1, and Singapore at +6%1.
Worldwide Year-on-Year Growth Rate (2024 vs. 2023)
|
Issued SIS L/L Year-on-Year Growth |
Destination market weight in Issued SIS 2023 |
December 2024 |
November 2024 |
October 2024 |
CY Q3 2024 |
CY Q2 2024 |
CY Q1 2024 |
|
France |
19% |
+19% |
+12% |
+10% |
+2% |
+10% |
+11% |
|
Italy |
17% |
+24% |
+20% |
+15% |
+16% |
+22% |
+29% |
|
Spain |
11% |
+22% |
+20% |
+21% |
+24% |
+33% |
+32% |
|
Germany |
6% |
+14% |
+6% |
-5% |
+5% |
+2% |
+6% |
|
Other countries |
18% |
+20% |
+16% |
+11% |
+10% |
+21% |
+16% |
|
Total Continental Europe |
71% |
+20% |
+16% |
+12% |
+11% |
+19% |
+19% |
|
Japan |
18% |
+32% |
+34% |
+32% |
+57% |
+172% |
+137% |
|
Singapore |
8% |
+6% |
+8% |
+16% |
-3% |
-1% |
25% |
|
South Korea |
2% |
+64% |
+48% |
+42% |
+42% |
+60% |
110% |
|
Total Asia Pacific |
28% |
+29% |
+30% |
+29% |
+40% |
+109% |
97% |
|
Total Latin America |
1% |
+32% |
+34% |
+32% |
+23% |
-2% |
+9% |
|
Total worldwide |
100% |
+23% |
+21% |
+17% |
+19% |
+41% |
40% |
Worldwide Recovery Rate (versus 2019)
|
Issued SIS L/L recovery (in % of 2019) |
Destination market weight in Issued SIS 2019 |
December 2024 |
November 2024 |
October 2024 |
CY Q3 2024 |
CY Q2 2024 |
CY Q1 2024 |
|
France |
16% |
173% |
154% |
150% |
144% |
164% |
165% |
|
Italy |
17% |
147% |
147% |
144% |
146% |
156% |
123% |
|
Spain |
10% |
180% |
171% |
158% |
161% |
164% |
151% |
|
Germany |
9% |
86% |
79% |
66% |
75% |
80% |
65% |
|
Other countries |
19% |
140% |
134% |
121% |
126% |
132% |
126% |
|
Total Continental Europe |
71% |
147% |
138% |
131% |
133% |
143% |
128% |
|
Japan |
14% |
307% |
296% |
293% |
290% |
327% |
232% |
|
Singapore |
11% |
77% |
86% |
87% |
81% |
92% |
92% |
|
South Korea |
3% |
174% |
173% |
163% |
162% |
158% |
125% |
|
Total Asia Pacific |
28% |
196% |
198% |
191% |
186% |
226% |
166% |
|
Total Latin America |
1% |
132% |
110% |
132% |
104% |
101% |
94% |
|
Total worldwide |
100% |
163% |
155% |
146% |
145% |
165% |
140% |
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