Planet Intelligence Q1 2024

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Q1 2024 Report
PLANET INTELLIGENCE Q1 2024
Contents
01 Retail Tax Free sales summary 3
02 Top 10 nationality spending by month 8
03 Top 10 nationality sales vs. ATV 9
04 Sales & ATV mix by source market region 10
05 US and China two-engine growth model 11
06 Gen Z consumers are making their mark 12
07 Christmas drives Tax Free spending 14
08 UK tourists bring good cheer to French retailers 16
09 Fine-tuning retail strategies 19
10 UNWTO tourism recovery tracker 21
11 International calendar 2024 25
*This report is based on data from October 2023 to December 2023
2
Prospects brighten
for growth in 2024
Things are looking up for European
Tax Free shopping following a
choppy few months late last year.
The threat of recession in the US and Europe, year for internationally focused retailers. The
an underwhelming recovery in China outbound US economy, which has been the main driver of
travel and geopolitical tensions all combined to growth for the European Tax Free market, has
compound seasonal weakness and put a dent in avoided a hard landing and consumer purchasing
Tax Free sales at the end of last year, particularly power remains strong.
in November.
Meanwhile, the Chinese government has
But overall, 2023 marked another year of recovery announced several measures to help accelerate
Y/Y Sales Growth 2022 (vs 2019) 2023 (vs 2019)
since the pandemic, with sales in December economic growth. These include easing reserve
recording a healthy 8% rise versus 2022 and things requirements for banks and shoring up the stock
looking brighter as we move into 2024. and real-estate markets. 50%
Sales-in-store (SiS) for the full year in major This is reflected in upbeat projections that show
markets such as France, Germany and Italy was international travel growing for all regions globally -0%
roughly one-third higher than in 2022. Portugal in 2024.
continues to be the only market to have surpassed
pre-pandemic levels, but it also had the slowest It’s worth noting that one of the main reasons -50%
rate of growth among the top five in 2023. France travellers go abroad is to shop. That’s supported
is close to surpassing 2019 levels. by findings in Planet’s recent Global Shopper
Sentiment Report, which shows that globally 41% -100%
With concern easing over Europe’s two largest of travellers find shopping abroad more appealing JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
sources of Tax Free spending, the US and China, than shopping in their own country because they
2024 has the makings of another rewarding can save money with Tax Free.
3
Top 5 visitor nations Top 5 destination

markets
Retail Sales
Turnover (vs 2019)
Retail Sales
Turnover (vs 2022)
Top 5 source
markets
Retail Sales
Turnover (vs 2019)
Retail Sales
Turnover (vs 2022)
per destination
France -3% +12% United States +58% -7%
Italy -31% +15% China -65% >+100%
market Spain
Germany
-16%
-53%
+14%
-12%
UAE
United Kingdom
+86%
>+100%
+23%
+6%
December 2023 Portugal +16% -5% Taiwan -1% +36%
Total sales vs 2019 Total sales vs 2022
-18 %
8 %
4
Top 5 visitor nations Top 5 destination

markets
Retail Sales
Turnover (vs 2019)
Retail Sales
Turnover (vs 2022)
Top 5 source
markets
Retail Sales
Turnover (vs 2019)
Retail Sales
Turnover (vs 2022)
per destination
France -3% +33% United States +77% +13%
Italy -26% +31% China -70% >+100%
market Spain
Germany
-23%
-46%
+18%
+33%
Taiwan
United Kingdom
-3%
>+100%
>+100%
+3%
Year to date 2023 Portugal +16% +7% Korea, Rep. of -28% +63%
Total sales vs 2019 Total sales vs 2022
-16 %
31 %
5
Retail Tax Free

Destination Top 5 Share ATV Y/Y Sales
sales France United States 19% € 1,592 +81%

China 15% € 1,739 -62%
United Kingdom 5% €1,527 N/A
Korea, Republic of 5% € 748 +2%
December 2023 Top 5 source markets UAE 5% € 2,040 >+100%
Italy United States 16% € 1,494 +40%

China 12% € 1,695 -76%
UAE 7% € 1,451 +94%
Singapore 6% € 1,482 +12%
Taiwan 6% € 1,672 -1%
Spain United States 12% € 440 +17%

China 9% € 509 -62%
Mexico 9% € 318 >+100%
Colombia 5% € 248 +4%
Morocco 5% € 219 +9%
Germany China 18% € 1,137 -68%

United States 10% € 1,304 +11%
Taiwan 8% € 1,031 -18%
Singapore 6% € 1,170 -10%
Switzerland 5% € 455 -58%
Portugal Brazil 19% € 576 +13%

United States 18% € 1,685 >+100%
Angola 12% € 536 -33%
United Kingdom 8% € 1,322 N/A
China 7% € 1,791 -53%
6
Destination Top 5 Share ATV Y/Y Sales
France United States 23% € 1,573 >+100%

China 13% € 1,637 -65%
Korea, Republic of 5% € 685 -8%
Taiwan 4% € 1,816 -12%
United Kingdom 4% € 1,431 >+100%
Italy United States 27% € 1,418 +64%

China 10% € 1,482 -79%
Taiwan 5% € 1,600 +15%
Korea, Republic of 4% € 822 -45%
UAE 4% € 1,363 +82%
Spain United States 13% € 442 +28%

Mexico 9% € 317 +74%
China 7% € 505 -75%
Argentina 5% € 161 -1%
Morocco 5% € 201 -2%
Germany China 23% € 1,237 -66%

Taiwan 9% € 833 -3%
United States 8% € 1,158 +17%
Switzerland 7% € 613 -2%
Retail Tax Free

UAE 5% € 816 -17%
Portugal Brazil 19% € 449 +11%
sales United States

Angola
United Kingdom
18%
13%
10%
€ 1,285
€ 511
€ 1,796
>+100%
-8%
>+100%
China 8% € 2,210 -64%
Year to Date 2023 Top 5 source markets
7
Top 10 nationality United States
China
1
4
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
2
1
spending by month UAE
UK
8
5
7
5
6
4
10
4
6
5
6
5
4
5
4
5
7
5
7
5
8
5
3
Previous 12 months Taiwan 2 3 3 3 4 3 6 7 3 3 3 5
Singapore 10 10 8 7 7 7 6 6 6
South Korea 3 4 5 5 3 4 8 8 4 4 4 7
Turkey 9 10 8
Hong Kong 8 10 8 10 9 9
Malaysia 10
Saudi Arabia 7 3 3 6 10 7
Brazil 6 6 8 9 7 8 8 9
Canada 9 9
There was no change in the top two Taiwan, Singapore and the Republic of Kuwait 9 6
positions in the leaderboard in Korea maintained their place in the list of
December 2023. big spenders, reinforcing the importance of Mexico 9 10
the Asian markets for Europe’s retailers.
The United States has maintained its India 10
dominant position as the leading source In December, they were joined by Hong
Australia 10
market for European Tax Free spending Kong and Malaysia as the Asian source
throughout 2023, with China moving into markets accounted for 60% of the nations Israel 9 8 9
second place from February. in the top 10 list.
Thailand 6 9
The biggest mover was the UAE which UK spending continued to be strong
jumped from eighth place to third in throughout the year with the UK Switzerland 7
December, its highest position all year. yo-yoing between fourth and fifth.
Indonesia 10
8
Top 10 nationality But that doesn’t tell the whole story as much of the spending was concentrated in
the two powerhouses for Tax Free; the US and China, which together account for
29.1% of all sales.
The chart also underscores the purchasing power of Asian consumers, particularly
from other pivotal markets like Taiwan, Singapore, and Hong Kong, where average
transaction values (ATVs) surpass €1,000 per transaction. With Asian outbound
sales vs. ATV Looking at the detail, the United States captured a 16.2% share of all sales. But the
biggest mover throughout the year was China, ending the year with a 12.9% share,
tourist numbers increasing, Europe’s internationally focused retailers have an
opportunity to broaden their customer base.
having peaked at 14.5% in October, and up from 4.7% in January, a staggering rise of The United Kingdom and United Arab Emirates also maintained their strong
December 2023 175% over the year. Chinese shoppers also spent €1,349 per transaction, higher than
US tourists who averaged €1,198.
positions, between them contributing around 10% of all Tax Free sales and
boasting an ATV more than €1,000.
The welcome return of Chinese tourists was perhaps slower than expected Turkey entered the top 10 list once again in December with a 2.4% share and
In December 2023, 57.5% of all Tax Free sales were driven by with outbound travel taking longer than forecast to return to full capacity, but an ATV of €548.
the top 10 nationalities. it shows once again the enormous growth potential from the world’s second
largest economy.
% of Sales & ATV (December 2023) United States 16.2% €1,198

China 12.9% €1,349
United Arab Emirates 4.9% €1,434
United Kingdom 4.7% €1,041
REST Taiwan 4.2% €1,126

42.5% Singapore 4.2% €1,263
TOP 10
Korea, Republic of
57.5% 3.7% €574
Turkey 2.4% €548
Hong Kong 2.2% €1,947
Malaysia 2.2% €1,256
9
Sales & ATV North America Europe Asia
mix by source
Share: 20% Share: 16% Share: 39%
market region
December 2023 - Indexed to 2019
Asia continued its dominance as the primary source market for European
Tax Free shopping, accounting for 39% of all sales in December and with an
average transaction value (ATV) exceeding €1,000, the highest across all regions.
33.3% of all sales to Asian shoppers were South America Middle East Australasia
Africa
made to Chinese tourists. Share: 4% Share: 7% Share: 13% Share: 1%
North America Share ATV Europe Share ATV Africa Share ATV Middle East Share ATV Asia Share ATV
The biggest mover in December was the Middle East driven by a marked increase
in spending by UAE tourists. As a result, the region’s share of European Tax Free United States 79.7% €1,198 United Kingdom 29.0% €1,041 Morocco 20.2% €358 UAE 37.8% €1,434 China 33.3% €1,349
spending grew to 13%, up from 10% in October. Mexico 10.0% €514 Turkey 14.9% €548 Egypt 14.2% €415 Saudi Arabia 16.4% €817 Taiwan 10.9% €1,126
The UAE’s share of Middle Eastern spending surged to 37.8% in December, Canada 6.1% €719 Switzerland 13.1% €598 Algeria 9.3% €411 Israel 9.9% €662 Singapore 10.8% €1,263
accompanied by an ATV of €1,434, which is the highest level of spending per
South America Share ATV ATV across source market regions Australasia Share ATV
transaction for any major source market.
Brazil 52.7% €568 Asia €1100 Australia 89.5% €921
Elsewhere the positions were largely unchanged with North America maintaining North America €954
Australasia €877
second place with a 20% share and Europe in third at 16%. The United Kingdom Colombia 15.5% €278 Middle East €871 New Zealand 6.5% €624
Europe €725
accounted for a 29% share of all European Tax Free in December within its regional Africa €503
Venezuela 8.8% €269 French Polynesia 1.8% €677
South America €346
group, an increase of nearly 8% compared to the previous month, with an ATV of
more than €1,000.
10
US and China
Chinese tourists’ main reasons for international leisure travel by age group. Source: Oliver Wyman's Chinese traveler
survey (June 2023)
% of respondents, top 3 choices
two-engine growth
Shopping
55% 60% 66% 62% Exploring local culture

Participating in events or sports
model 50%
45%
59% 62%
52%
Enjoying nice food
Visiting unique places
50% Exploring the scenery

55%
56% Trying out new experiences
Since our last quarterly report in October, the outlook 44%
44%
35%
for the world’s two largest economies has improved 38%
41%
considerably and with it the prospects for European Tax 35%
34%
39%
Free retailers. The US and China together account for 33%
33% 33%
roughly one-third of the market. 32%
32%
22% 14% 20%
Baby boomers Gen X Gen Y Gen Z
US and China Tax Free Sales 2023: % share of SiS US China In the US, the turnaround in sentiment is perhaps best reflected by the Looking forward, inbound traffic to Europe is expected to rise by 11.6% this
performance of the country’s stock market, which in early 2024 reached a year, according to Global Travel Service (GTS) forecasts. Particularly strong
25% succession of all-time highs. That performance, in addition to above-inflation growth is expected in central and eastern Europe, two regions that benefitted
wage increases and a strong exchange rate, boosts the purchasing power of last summer as travellers sought to flee heatwaves further south.
20% American travellers abroad.
In the last quarter of 2023, inbound travel improved to 14% below pre-Covid
15% By the same token, authorities in Beijing have taken measures to restore levels, compared with a 23% shortfall in the previous nine months.
confidence in the Chinese stock and real-estate markets, both of which had
Travel sentiment was also on the rise towards the end of last year after an
10% been denting the optimism of consumers and their ability to spend.
abrupt downturn in October, according to the UNWTO Tourism Recovery
5% Chinese market share ended the year at 13%, roughly three times where it was Tracker. Of all the regions, Europe held up best in terms of hotel bookings.
a year earlier, as shoppers from the Asian giant bought increasing quantities of
0% luxury goods from European Tax Free retailers.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
11
Gen Z consumers Tax Free spend by age band category, 2023 (% of SiS and ATV)
are making their 50%

Baby Boomers Gen X Gen Y Gen Z Traditionalists
mark
€958 €864
€850 €888 €948
45.7% €911 €909 45.5%
44.9% €851 45.2% 44.5%
€807 44.6%
44.3% 44.3%
45% 43.6% €875
42.1% €803
41.3%
€833
38.9%
Gen Z consumers, the next generation of spenders, are a key demographic 40%
for European retailers, showing their growing buying power in Tax Free at the €864 €759
€730 €824 34.6% 35.0%
end of last year. 33.7% €731 €877
35% 33.8% €790
31.8% 32.7% €792 37.6% €861 €825 €830 €890
31.2% 31.6%
The end of 2023 saw a surge in spending from Gen Z consumers (people 31.6% 31.5% 31.6%
born between 1997-2012). Sales from this demographic rose from 8.8% in
30%
October to nearly 15% in December 2023. And the younger generation’s
purchasing power was evident. The Average Transaction Value (ATV) of their
purchases was over €600 – and reached a staggering €1,000 in France. 25%
This reflects Gen Z’s growing spending power. This generation is becoming a
more and more significant consumer group, now making up 30% of the global 20%
population. And their buying power has already reached $360 billion. So, it’s of no
surprise that brands are focusing on winning over this discerning demographic. €706 €669
€784 €738
14.2% 14.5%
15% €754 €432 13.9% 13.6%
€475 €879 €557 €738 12.6% €467 12.9% €618
For Tax Free shopping, this means giving clear instructions around the refund 11.8%
11.7% 11.7% 11.3% 11.6% 12.2%
process and ensuring the option to shop Tax Free is well-advertised in-store.
For 31% of Gen Z consumers, the lack of instructions is the biggest challenge, 10%
€470 €763 €735
according to a Planet survey of over 7,000 global shoppers. And 30% find that €708 €780 €511 €706
11.3% €542 €519 10.9% 10.8%
10.5% 9.9% 10.1% 10.4% €493 €526 €865
the lack of in-store messaging around availability is their biggest hurdle when it 9.6% 9.6%
9.6% 8.8% 9.1%
comes to shopping Tax Free. 5%
€893 €819 €935 €643 €731 €837 €782 €808 €775 €851 €672 €757
0.5% 0.4% 0.5% 0.4% 0.7% 0.6% 0.5% 0.5% 0.6% 0.7% 0.4% 0.3%
0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
12
Growth in Gen Z spending over Q4, 2023 (% of SiS and ATV)
Baby Boomers Oct 13.64% €738
Nov 10.77% €735
Dec 9.11% €865
Gen X Oct 31.60% €825
Nov 31.49% €830
Dec 31.57% €890
Gen Y Oct 45.23% €888
Nov 45.54% €864
Dec 44.53% €948
Gen Z Oct 8.84% €526
Nov 11.79% €618
Dec 14.53% €669
Traditionalists Oct 0.70% €851
Nov 0.40% €671
Dec 0.26% €779
Ensuring the refund process is clear is crucial, as cities across Europe saw an Luxury retailers should look to how they’re marketing their goods to Gen Z
uptick in Tax Free shopping from Gen Z in the final quarter of 2023. Plus, the ATV customers. This demographic is more likely to buy luxury goods three to five years
also increased along with the rise in spending towards the end of last year. This earlier than Millennials. So, retailers shouldn’t ignore the potential to tap into Gen Z
is important for luxury retail, as Gen Z will account for 25-30% of luxury market spending, especially Tax Free shopping from UK and Chinese consumers.
purchases by 2030. France has seen the biggest increase in spending from Gen
Z. While Milan and Madrid also saw an increase in sales of luxury goods, with
Barcelona also seeing a rise in department store purchases.
13
Christmas drives
Tax Free spending
Tax Free sales increased over the Christmas period with France continued to dominate the European Tax Free
France standing out as the destination of choice for those market capturing 48.8% of all spend in store in the
seeking a festive bargain. Christmas holiday week, with an average transaction
value (ATV) of €1,170, ahead of Italy with a 16% share and
The highest level of spending in-store across Europe in
an ATV of €1,082.
December took place over the Christmas holiday period
between the 27th and 30th, with 19.6% of all spending in Spending across France compared to December 2019
December concentrated into these four days. was very strong with sales recovering to just 3.8% below
2019 levels, compared to 2022 where spending remained
Overall, Italy enjoyed the strongest Christmas week with
14.2% below 2019. This shows the strength in the level of
26.4% of all sales in December falling between the 26th
recovery in spending year-on-year. This pattern was also
and 31st.
reflected across Italy and Spain.
Tax Free spending, December 2019 vs. December 2023: 2019 2023
The five leading source nationalities for retailers 42%

France
in December 2023 were: 49%
19%
Versus an ATV Italy
US 16.1% Share €1,163 ATV 16%
of €1,128 in 2022
10%
China 12.8% Share €1,331 ATV Up from 4% in 2022 Spain
10%
8%
UAE 4.9% Share €1,403 ATV Germany
5%
2%
UK 4.6% Share €995 ATV Portugal
3%
Taiwan 4.2% Share €1,058 ATV
14
Luxury apparel accounted for 53.1% of all

spend with an ATV of €1,945, while Watches
& Jewellery accounted for the highest ATV
across any category at €1,966.
Tax Free sales in December 2023 across all European Tax Free markets (% of SiS and ATV) Tax Free spending peaked over the
Christmas holiday period
€918 €898
€905
€885 €880 €876 €874 €860 €859
5.0% €881 €856
€851 €818
€841 €829 €832
€812 €814 €814 €829
€801 €805
€781 €768
4.5% €758
€725 €770
€734 €735
€681
4.0%
€588
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5% 3.4% 3.7% 2.2% 3.2% 2.8% 2.8% 2.9% 3.2% 3.7% 2.4% 2.8% 2.7% 2.8% 2.8% 3.3% 3.6% 2.4% 3.2% 3.2% 3.0% 3.4% 3.8% 4.3% 2.5% 0.3% 3.1% 4.8% 5.0% 4.8% 5.0% 2.9%
0.0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
15
UK tourists bring
good cheer to
French retailers
The UK continued to flex its muscle as a top source market for European retailers,
especially those in Paris where UK consumers dominated the city’s international
spending landscape.
December 2023 brought with it a surge in Tax Free spending by UK tourists across
many of Europe’s major shopping destinations, surpassing November’s sales
figures by 45.5%.
This reinforces the importance of the UK as a top source market for European
retailers, particularly for those in France and Portugal, the two main destinations
for UK tourists for Tax Free shopping.
UK Tax Free spending in Paris, 2023. % of sales and ATV
Q1 €1,608 45.0%
Q2 €1,494 36.3%
Q3 €1,432 30.6%
Q4 €1,494 46.8%
16
The UK has yo-yoed between fourth and fifth place €1,400, reflecting the purchasing power they have.
throughout 2023 in the list of biggest spending nations, UK tourists recorded their highest spending on 28th
consistently beaten only by the US and China, the two December in Paris, with an ATV of just under €4,000.
international powerhouses for Tax Free spending.
At the same time, the Portuguese city of Almancil has
UK tourists dominated the spending landscape in Paris in consistently stood out with an ATV exceeding €4,000
Q4, accounting for 46.8% of the total Tax Free spend by all consistently across each quarter in 2023.
nations in the city across the quarter. Notably, the average
transaction value (ATV) in Paris for UK spending exceeded
UK Tax Free spending in Paris, December 2023. % of sales and ATV
9.0% €3,956
8.0%
7.0%
€2,925
6.0%
5.0%
€2,057 €1,939
€1,829
4.0% €1,714 €1,731 €1,687 €1,191 €1,369
€1,475 €1,683 €1,561 €1,602
€1,391 €1,625 €1,607 €1,601
€1,569 €1,431 €1,520 €1,423 €1,402
€1,391
€1,423 €1,238
€1,357 €1,228 €1,119
3.0% €1,185
€1,144
2.0%
1.0%
2.1% 4.1% 2.8% 2.3% 1.6% 1.3% 3.6% 2.0% 5.4% 2.8% 3.0% 2.2% 2.8% 2.4% 3.9% 5.3% 3.4% 3.8% 4.3% 4.6% 4.2% 4.0% 4.6% 2.3% 0.1% 3.3% 2.4% 8.5% 3.1% 3.0% 2.0%
0.0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
17
As is often the case, the UK’s Gen Z tourists emerged as the UK Tax Free spending by brand and age category, Q4 2023. % of SiS and ATV.
highest spenders across various categories, including Luxury,
Department Stores, and Watches & Jewellery. UK spending in
Apparel - Luxury
the Watches & Jewellery category was strongest compared to
all other nationalities. 22.4% 38.7% 31.6% 7.0%
UK
€2,068 €1,996 €2,435 €1,904
A noteworthy trend in Q4 was the uplift in UK tourist
Tax Free spending at Department Stores, with an increase
of 17.5% compared to Q3. 7.0% 50.0% 32.3% 10.8%
Other
€1,500 €1,875 €1,954 €1,972
Apparel - Mainstream
Gen Zs from the UK 12.2% 37.1% 36.4% 13.7%

UK €298 €277 €323 €291
were over 3x more
likely to spend on
Department Stores, Other
8.4%
€208
37.8%
€245
37.7%
€273
15.3%
€249
and Watches &
Jewellery than Gen Zs Department Store
from other countries
25.6% 38.3% 26.4% 9.3%
UK €1,297 €1,083 €982 €828
7.1% 49.4% 31.0% 12.0%

Other €1,054 €1,329 €1,228 €973
Watches & Jewellery
17.3% 39.8% 34.7% 8.1%

UK €3,354 €3,692 €3,701 €2,539
5.7% 43.4% 34.5% 17.0%

Other €2,068 €1,951 €1,585 €1,529
Traditionalists Gen Z Gen Y Gen X Baby Boomers
18
Fine-tuning
Retailers wanting to adapt their product portfolio and marketing Chinese consumers find Tax Free shopping more attractive than other
strategies would do well to focus on key dates along with insights from nationals. According to the latest Planet Global Shopper Sentiment
the latest consumer surveys. Report, 59% say they save money through Tax Free shopping. That
retail strategies
compares to a global average of 41%.
First on the list is Chinese New Year which, from 10 February, kicked off
the auspicious Year of the Dragon: a symbol of luck and abundance. Something for retailers to keep in mind is that Chinese shoppers
also have specific payment preferences. Chinese in-store shoppers
Last year, three of the countries that observe the Lunar New Year
overwhelmingly prefer to use Alipay/Alipay+ (84%) and WeChat Pay
– Taiwan, South Korea and China – rang up a storm of purchases in
(85%). To highlight the comparison with European consumers, only
Europe’s Tax Free stores and figured prominently among the top
4% use Klarna.
five spenders.
Why, if at all, is shopping abroad more appealing than shopping in your own country?
(Tick all that apply)
Global Europe North America Middle East Asia Latin America
Experience new/different 51% 41% 59% 53% 59% 60%

products
45% 43% 44% 48% 45% 53%

Prices are lower abroad
I save money with 41% 28% 43% 43% 56% 43%

tax free shopping
More payment methods 32% 21% 40% 38% 45% 25%

are available
I don’t think it 6% 10% 8% 8% 2% 4%

is more appealing
2% 4% 2% 2% 1% 1%
I don’t shop abroad
19
By contrast, nearly three-out-of-four US shoppers prefer to Meanwhile, in terms of trendspotting, the latest data from
pay online using credit or debit cards, the report shows. Planet Intelligence shows a dramatic increase in spending
Gen Z: Top Shopping experience features
by shoppers in their early to mid-20s over the past couple
Ramadan is another big item on any retailer’s agenda. In the
of years. In some age groups, spending nearly doubled last
wake of this holiday, which in 2024 begins on 10 March and
year from 2019. These tech-savvy Gen Z shoppers (born
ends on 9 April, several Gulf Co-operation Council (GCC)
between 1997 and 2012) have their own set of preferences,
nations engage in a spending spree that typically puts them
including alternative payment options such as digital wallets.
among the top 10 biggest spenders over this key holiday
period. The UAE has a prominent position in that select With Gen Zs starting to outspend other age groups,
40% 37% 37%
group and, in December, captured a 5% market share, or retailers would be wise to fine-tune their strategies to serve
nearly one-third of the US level. their ways.
Chosen payment method Wide range of delivery Simple exchange and

In-store payment - selected preferences: Gen Z is accepted options return process
Debit/credit card
66%
WeChat
33%
Gen Z: Shopping Abroad
Alipay
32%
Klarna
10%
49% 44% 39%
Get the full report Say access to new or different State they can get Save money via Tax Free
products as the most appealing cheaper deals abroad shopping
factor in shopping abroad
20
UNWTO tourism recovery tracker Go to tracker
Tourism General (compared to previous year)

International Tourist Arrivals (23 vs 22) Travel Sentiment Score (23 vs 22)
Source: UNWTO Source: TCI Research
600% 60
50
500%
40
400%
30
These charts are taken from 300%
the latest World Tourism 20

Organization (UNWTO)
200%
Tourism Recovery Tracker. 10
This covers key performance indicators by

month, regions and subregions allowing 100%
0
for a real time comparison of the sector
recovery across the world and industries.
0% -10
Jan Feb Mar Apr May Jun Jul Aug Sep Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
World Europe Asia Pacific Middle East Americas
21
Air traffic (compared to previous year)

Travel Search Flights Actual Air Reservations (23 vs 22) Passenger Demand International (23 vs 22)
Source: Google Source: ForwardKeys Source: IATA
80% 450% 4.00
60% 400%
3.50
350%
40%
3.00
300%
20%
2.50
250%
0%
200% 2.00
-20%
150%
1.50
-40%
100%
1.00
-60%
50%
-80% 0.50
0%
-100% -50% 0.00

Jan Feb Mar Apr May Jun Jul Aug Sep Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
22
Accommodation (compared to previous year)

Hotel Searches Hotel Bookings Occupancy Rates
Source: Sojern Source: Sojern Source: STR
120% 50% 4.00
100% 3.50
40%
80% 3.00
30%
60% 2.50
20%
40% 2.00
10%
20% 1.50
0%
0% 1.00
20% 10%
0.50
40% 20% 0.00

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
23
FX rates
CNY > EUR CNY > GBP EUR > AED
0.145 0.130 0.42
Top source markets 0.125

0.41
0.140
0.40
0.120
0.135 0.39
0.115
0.38
0.130
0.110
0.37
0.125 0.105 0.36

Dec 21 Dec 23 Dec 21 Dec 23 Dec 21 Dec 23
GBP > EUR GBP > USD EUR > USD
1.20 0.140 0.145
1.19
0.135
0.140
1.18
0.130
1.17
0.135
1.16 0.125
0.130
1.15
0.120
1.14
0.125
1.15
1.13
1.12 1.10 0.120

Dec 21 Dec 23 Dec 21 Dec 23 Dec 21 Dec 23
24
International January February March April May June
Calendar
• 16 – 21 Paris Fashion Week • 14 Valentine’s Day • 6 Spring Budget (UK) • 9 Eid-al-Fitr • 6 May Bank Holiday (UK) • 10 Dragon Boat Festival
• 9 – 15 Chinese New Year • 8 International Women’s Day • 27 Late May Bank Holiday • 16 Eid-al-Adha
• 16 – 20 London Fashion Week • 10 – 8 April Ramadan
2024 • 31 Easter Sunday
July August September October November December

• Summer Holiday Period • Summer Holiday Period • 2 Labour Day (US) • 1 – 7 Golden Week (CHN) • 11 Singles Day (CHN) • 2 Cyber Monday
• 4 Independence Day (US) • 26 August Bank Holiday (UK) • 28 Thanksgiving • 21 Super Saturday
• 26 – 11 August Paris Olympics • 29 Black Friday • 21 – 31 Christmas Holidays
While 2023 was the first full year where Covid restrictions October is also usually a major month for international
were lifted across international markets, there is a lot of shoppers, which ordinarily sees a sharp increase in
uncertainty about when we might expect to see more Chinese tourists looking to enjoy the China National
predictable outbound travel patterns emerging. Golden Week.
This will continue to create challenges for retailers planning August also typically sees a significant amount of spend,
around the major international shopping periods. with consumers from many markets heading towards
Europe for their summer holidays.
Above, you will find a list of some of the major international
calendar dates and events to help guide planning. There’s also usually an uplift in late November and
December.
Key international shopping months include July, which is
traditionally the busiest international shopping month of the
year, coinciding with summer holidays, US Independence
Day and this year the Paris Olympics which is expected to
boost footfall across France and neighbouring countries.
25
weareplanet.com
If you would like to know more about Planet Intelligence please get in touch with your Planet representative. Email: [email protected]
This publication is intended as a general overview of the subjects dealt with. Planet will accept no responsibility for any actions taken on the basis of this publication. Prior results do not guarantee a similar outcome.
Copyright © 2024 Planet Payment UK Limited. All rights reserved.

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02 Top 10 nationality spending by month 8

03 Top 10 nationality sales vs. ATV 9

04 Sales & ATV mix by source market region 10

05 US and China two-engine growth model 11

06 Gen Z consumers are making their mark 12

07 Christmas drives Tax Free spending 14

08 UK tourists bring good cheer to French retailers 16

09 Fine-tuning retail strategies 19

10 UNWTO tourism recovery tracker 21

11 International calendar 2024 25

*This report is based on data from October 2023 to December 2023

Top 5 visitor nations Top 5 destination

Italy -31% +15% China -65% >+100%

December 2023 Portugal +16% -5% Taiwan -1% +36%

Total sales vs 2019 Total sales vs 2022

Top 5 visitor nations Top 5 destination

Italy -26% +31% China -70% >+100%

Total sales vs 2019 Total sales vs 2022

Retail Tax Free

sales France United States 19% € 1,592 +81%

Italy United States 16% € 1,494 +40%

Spain United States 12% € 440 +17%

Germany China 18% € 1,137 -68%

Portugal Brazil 19% € 576 +13%

Destination Top 5 Share ATV Y/Y Sales

France United States 23% € 1,573 >+100%

Italy United States 27% € 1,418 +64%

Spain United States 13% € 442 +28%

Germany China 23% € 1,237 -66%

Retail Tax Free

Portugal Brazil 19% € 449 +11%

sales United States

Top 10 nationality United States

spending by month UAE

Previous 12 months Taiwan 2 3 3 3 4 3 6 7 3 3 3 5

% of Sales & ATV (December 2023) United States 16.2% €1,198

REST Taiwan 4.2% €1,126

Sales & ATV North America Europe Asia

55% 60% 66% 62% Exploring local culture

50% Exploring the scenery

Baby boomers Gen X Gen Y Gen Z

are making their 50%

Growth in Gen Z spending over Q4, 2023 (% of SiS and ATV)

Baby Boomers Oct 13.64% €738

Nov 10.77% €735

Dec 9.11% €865

Gen X Oct 31.60% €825

Nov 31.49% €830

Dec 31.57% €890

Gen Y Oct 45.23% €888

Nov 45.54% €864

Dec 44.53% €948

Gen Z Oct 8.84% €526

Nov 11.79% €618

Dec 14.53% €669

Traditionalists Oct 0.70% €851

Nov 0.40% €671

Dec 0.26% €779