Recent data from payment solutions specialist Planet provides compelling evidence that France is establishing itself as the top shopping destination in Europe, especially for Chinese tourists. While the UK has traditionally been a prime attraction during significant events like Golden Week, it’s evident that French and European retail hubs are increasingly luring international travelers in search of luxury fashion, jewelry, and accessories.
Throughout the year, international tourists have flocked to cities such as Paris and Milan, with a notable surge observed in the first week of October. The data reveals an ongoing trend where UK retailers are ceding ground to their European counterparts, despite the UK’s enduring appeal to shoppers from around the world.
These findings suggest that reintroducing tax-free shopping for tourists in the UK could potentially spark a shopping renaissance, revitalizing its allure for global visitors.
During Golden Week, Planet recorded a remarkable upswing in sales in mainland European destinations, with an Average Transaction Value (ATV) surpassing €1,400. This year, France has risen to the top as the preferred choice for Chinese tourists, securing an impressive 48% of the market share. Italy, Spain, and Germany collectively account for 30% of the share.
From September 1st to October 9th, coinciding with heightened interest in Chinese shopping, especially during Golden Week, Planet observed a surge in sales per store (SiS) compared to regular days when the ATV exceeded €1,400. During Golden Week, the SiS ratio doubled in Europe, generating an unmatched retail buzz.
The data underlines that France, Italy, and Spain experienced peak tourist activity during Golden Week, with luxury items, particularly watches and jewelry, witnessing unprecedented sales growth.
Remarkably, the report highlights that tax-free sales were predominantly driven by Gen Y and Gen Z, constituting nearly 90% of the total. Despite Gen Z representing less than 10% of the market share, their impressive average transaction value hovers around €1,000. These insights underscore the evolving landscape of international shopping and the importance of catering to younger generations of shoppers.
