06 June 2017 - Global Blue’s Asian Tax Free Shopping (TFS) sales grew strongly in April, continuing a six-month positive trend. Despite continuing difficulty for the Korean TFS sector, Japan and Singapore remain in healthy growth, helping to drive strong performance across the region.
The Asian TFS sector experienced its strongest performance in many months, growing +20% (calendar year-to-date). Transactions across the region increased by +28% (calendar year-to-date), despite continued pressure on Korea’s TFS sector caused by strained political relationship with China.
With limitations on travel to South Korea impacting travel plans, Chinese shoppers in the region chose Singapore and Japan as alternative Tax Free Shopping destinations, with both countries benefitting from an influx of Chinese tourists.
Singapore closes in on double digit growth
Japan continues to drive Asian growth
Korean decline continues
April performance was strong across all key Globe Shopper markets, with Chinese travellers still the main driver of growth in Asia. Significant growth of both Korean and Japanese transactions helped to deliver further growth across the region.
Chinese spend continues to grow
Korean and Japanese growth
April continues a positive Asian performance across all spend categories. Calendar year-to-date sales increased +52% for department stores, +17% for watches and jewellery and +13% across fashion and accessories.