Tax-Free Shopping Boom: November 2024 Update

As we step into the final quarter of 2024, Global Blue has released its latest Monthly Tax Free Shopping Business Update, painting a picture of robust growth and recovery across key markets. The report highlights the resilience of the Tax Free Shopping sector, bouncing back from the COVID-19 pandemic and demonstrating remarkable growth in both Continental Europe and Asia Pacific regions.

In November 2024, Global Blue reported a +21% year-on-year growth in Tax Free Shopping worldwide. The Continental European market saw a +16% increase in issued Sales in Store, driven by a +19% rise in shoppers, with GCC shoppers leading the way at +33% and US shoppers close behind at +20%. The Asia Pacific region showed an impressive +30% growth, led by Mainland Chinese shoppers who saw a +54% increase in spending, fueled by a +84% rise in the number of shoppers.

Destination markets also performed strongly, with Spain, Italy, and France leading the way in Continental Europe, and Japan, South Korea, and Singapore driving growth in Asia Pacific. The recovery rate versus 2019 continues to strengthen, with Japan and Spain leading the way at 296% and 171% of pre-pandemic levels, respectively.



These trends have significant implications for investors in the Tax Free Shopping sector. The growth in shopper numbers and spending, particularly among GCC and US shoppers, indicates a strong recovery in consumer confidence and international tourism. As these markets continue to expand, companies like Global Blue, which facilitate these transactions, are likely to see increased demand and growth opportunities.

The broader retail and tourism industries also stand to benefit from these trends, as increased shopper numbers and spending boost economic activity and attract more visitors. However, investors should remain vigilant and monitor market fluctuations, geopolitical risks, and potential impacts on international shopping.



In conclusion, the Global Blue November 2024 Tax Free Shopping Business Update reveals a strong, broad-based recovery in the Tax Free Shopping sector. With robust growth in both origin and destination markets, investors can expect continued growth and opportunities in this sector. As we look ahead, the key will be to stay informed about market trends, adapt to changes, and make strategic investments in enduring, stable companies that are well-positioned to capitalize on this growth.