Global Refund Index October results: Korean travel retail spending soars

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The table below shows travel shopping trends for the ten major nationalities in the countries of the Global Refund system-consisting of most EU countries, South Korea, Singapore and Argentina: exclusive to travelretailworld.com.

This month shows that the positive growth of shopping by East European nationalities (particularly Croatians and Romanians) continues. There has also been a huge increase in Korean spending in many European markets, not related to seasonal factors and due to fundamental economic improvements within South Korea. The increase, however, was not enough to lift Koreans back into the top-ten nationalities.

Shopping by Japanese travellers held steady at 19% of all sales in store (SIS) under the tax refund system. Although Japanese remain the most important nationality, there was a decline in travel retail sales of 6% in October compared to October 1999. Overall year-to-date 2000 figures still show positive growth in Japanese spending. Turkish spending was the only other nationality to post a decline for October.

Most nationalities continue to record positive double-digit growth in travel retail spending. Those countries which posted an increased annualised growth rate in October compared to September were Russia (up to 36%) and Croatia (up to 356% from 93%). For US national tourists, Hong Kong nationals and Indonesians the growth rate fell back to 35%, 1% and 2% respectively.

For more information about the Global Refund tax reclaim service for retailers and the methodology of the GR Index see the feature 'Introducing the Global Refund Index'.