A Sustained Performance in Continental Europe for International Shopping
The international shopping sector in Continental Europe maintained its strong momentum in January 2025, with issued Sales in Store (SIS) rising by 19% year-over-year. This growth closely mirrors December 2024’s 20% increase, highlighting a stable performance in the region. The primary driver of this expansion was a 24% increase in the number of international shoppers, though this was slightly counterbalanced by a 4% decline in the average spend per shopper.
From an origin market perspective, the United States led with a 34% rise in Tax-Free Spend, followed by European Non-EU shoppers, who posted a 31% increase. Gulf Cooperation Council (GCC) shoppers also demonstrated robust growth with a 30% increase. Meanwhile, Mainland Chinese shoppers recorded a marginal 1% uptick in Tax-Free Spend.
Among key destination markets, Spain recorded the highest growth at 28%, followed by Italy at 22% and France at 15%. These figures highlight sustained interest from international shoppers in leading European retail hubs.
International shopping in Continental Europe continued its positive momentum in January 2025, with issued Sales in Store increasing by 19% year-on-year. This growth was primarily fueled by a 24% rise in the number of shoppers, although average spend per shopper declined slightly by 4%. Leading the surge in Tax-Free Spending were shoppers from the U.S. (+34%), European Non-EU countries (+31%), and GCC nations (+30%). Meanwhile, Mainland Chinese shopper spending remained steady at +1%.
In Asia Pacific, Tax-Free Sales experienced accelerated growth, rising by 46% compared to January 2024. This increase was driven by a 36% growth in the number of shoppers and a 7% rise in the average spend per shopper. Mainland Chinese shoppers showed the strongest performance, with an 87% increase in spending, supported by a remarkable 113% growth in shopper numbers. Hong Kong and Taiwan shoppers followed with a 22% increase, whereas North East Asian shoppers showed a slight decline of 2%.
In terms of destination markets, Asia Pacific showed strong gains. South Korea led with a 72% increase in issued Sales in Store, followed by Japan at 56% and Singapore at 8%.
On a global scale, overall Tax-Free Shopping growth was recorded at 29% year-on-year in January 2025. Continental Europe remained the dominant market, accounting for 64% of total Tax-Free Sales, while Asia Pacific contributed 35% and Latin America 1%.
Accelerated Tax-Free Spend Performance in Asia-Pacific
The Asia-Pacific region experienced an even stronger performance, with issued Sales in Store surging by 46% in January 2025 compared to the previous year. This marked a significant acceleration from December’s 29% increase. The primary catalyst for this growth was a 36% increase in the number of shoppers, supported by a 7% rise in average spend per shopper.
Mainland Chinese shoppers played a central role in this expansion, with Tax-Free Spend soaring by 87%, largely driven by a 113% increase in the number of shoppers. Hong Kong and Taiwan shoppers also contributed to the region’s gains, posting a 22% increase in Tax-Free Spend. In contrast, North East Asian shoppers saw a slight 2% decline.
Destination markets within Asia-Pacific reflected these positive trends, with South Korea leading at 72% growth, followed by Japan at 56% and Singapore at 8%.
Worldwide Year-on-Year Growth Rate (2025 vs. 2024)
On a global scale, issued Sales in Store grew by 29% in January 2025 compared to the same period in 2024. Continental Europe, which accounts for 64% of total issued SIS, recorded a stable 19% growth. Within this region, Spain showed the strongest increase at 28%, followed by Italy (22%) and France (15%). Germany remained stable with no significant growth.
Asia-Pacific, representing 35% of issued SIS, demonstrated a remarkable 46% growth rate. South Korea led with a 72% increase, followed by Japan at 56% and Singapore at 8%. Meanwhile, Latin America, which accounts for just 1% of issued SIS, saw an impressive 53% year-over-year increase.
Worldwide Recovery Rate (versus 2019)
When benchmarked against pre-pandemic levels in 2019, the global recovery rate in January 2025 reached 176%, marking an improvement from December 2024’s 163% recovery rate. This steady upward trend underscores the resilience of international shopping.
In Continental Europe, Spain and France led the recovery, with rates of 201% and 190%, respectively. Italy followed at 135%, while Germany lagged behind with a 68% recovery rate. The overall recovery rate for the region stood at 150%.
Asia-Pacific continued to demonstrate outstanding recovery momentum, reaching 239%. Japan emerged as a standout performer with an exceptional 364% recovery rate, while South Korea recorded 230%. Singapore maintained a steady recovery at 99%.
Latin America also posted strong figures, with a 139% recovery rate, indicating steady growth in the region.
Key Takeaways and Future Outlook
The January 2025 data reaffirms the robust expansion of international shopping, particularly in Asia-Pacific, where recovery momentum has surpassed pre-pandemic levels. The steady growth in Continental Europe also highlights the resilience of international consumers despite fluctuations in spending behavior.
While Mainland Chinese shoppers showed moderate growth in Europe, their impact in Asia-Pacific was significantly more pronounced. The remarkable surge in tax-free shopping across Japan, South Korea, and Singapore suggests that these destinations are increasingly favored by Chinese tourists.
Looking ahead, factors such as economic conditions, travel policies, and currency exchange rates will continue to shape the international shopping landscape. Retailers in key destination markets must remain agile and innovative to capitalize on this sustained momentum.
Appendix
Glossary:
- European Non-EU countries: Includes shoppers from Switzerland, the UK, Ukraine, and others.
- Gulf Cooperation Council (GCC) countries: Includes Kuwait, Qatar, Saudi Arabia, UAE, Bahrain, and Oman.
- North East Asia: Includes Japan and South Korea.
- South East Asia: Includes Indonesia, Thailand, Cambodia, the Philippines, Vietnam, Malaysia, and Singapore.
About Global Blue
Global Blue is a global leader in tax-free shopping and payment solutions, connecting retailers, acquirers, and hotels with nearly 80 million consumers across 53 countries. With over 40 years of experience, the company facilitates tax-free shopping, payments, and post-purchase solutions. In the fiscal year 2023/24, Global Blue generated €28 billion in Sales in Store and €422 million in revenue. The company is listed on the New York Stock Exchange.
