Global Blue’s Asian Tax Free Shopping (TFS) sales performance remained positive for a fifth consecutive month, with Japan and Singapore sustaining growth. Korean sales continue to decline as political tension in the region escalates.
After a busy Chinese New Year, Asian TFS performance returned to modest growth in March, increasing by +7%. Driven by a +10% increase in transactions, March represented a fifth consecutive month of positive growth for Asian Tax Free sales.
While Korean sales continued to decline, both Singapore and Japan benefited from the influx of Chinese shoppers looking for alternative destinations to Korea.
Japan drives regional growth
Singapore returns to growth
Korea continues to decline as tensions rise
Despite a normalisation of travel across the region after Chinese New Year, Chinese Globe Shoppers continue to drive growth in Asia. Strong months for Korean and Japanese travellers helped to deliver growth across the region.
Chinese confident to spend
Strong growth for Koreans
March ends a positive Q1 for Asia, with the region experiencing growth across all spend categories. Fashion and accessories sales grew by +56% year-on-year, while department store sales (+20%) and watches and jewellery sales (+14%) also experienced steady growth across the first three months of the year.