Dec 2, 2015
Tax free spend slowíng down, Global Blue says
Dec 2, 2015
Global Blue, the tax-free refund specialist, says tax free shopping (TFS) sales growth slowed down in September.
Q2 saw a 43% year-on-year growth, a sales growth high, but growth in September was just 20%. This is a slowdown from the summer months, when growth was above 30% (June +43%, July +32%, August +40%). However, September’s increase in total spend marks the 10th consecutive month of growth.
The number of TFS sales rose by 11%, in September and the average spend was up 8%. Chinese global shopper spend slowed to +51% in September, down from +65% growth in August. TFS spending in Europe increased +16% (vs August +36%) YoY, with slowing Chinese demand for luxury goods a likely reason for the decline in growth, Global Blue found.
France was still the number one shopping destination, with 20% of global share, while Italy represents 14% of global sales.
Global Blue concluded that September’s data shows slower growth patterns, a warning sign that robust TFS sales from earlier in the year do not look likely to continue. It also found that American globe shoppers are showing healthier growth than the Chinese, with +58% increase in sales (vs +51% for the Chinese).
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