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18 Jul 2024

Cytech training provider Activate Cycle Academy is to exhibit at the GT Malverns Classic Mountain Bike Festival 2024, an event often described as the “Glastonbury of mountain...

15 Jul 2024

The cycling industry is “ripe” for smart investment, and a renewed wave of merger and acquisition deals, as it looks ahead to a profitable 2025 and “significant” medium...

15 Jul 2024

The Independent has published its list of the best electric bikes of 2024 after testing a series of folding, hybrid and city e-bikes.

15 Jul 2024

Community groups and other not-for-profit organisations in Greater Manchester can now apply for funding to set up their own bike library.

15 Jul 2024

Andrew Goodacre, CEO of ACT parent company Bira -the British Independent Retailers Association – has met with the new Secretary of State for Business and Trade Jonathan Reynolds and...

15 Jul 2024

The London Cycling Campaign has teamed up with Lime and Loud Mobility to launch a new £100,000 ‘Share the Joy’ fund to increase cycling within...

8 Jul 2024

Become a Luchos Distributor - Deal Directly

2 Jul 2024

We recently reported that a £1 billion damages claim had been filed against Amazon on behalf of retailers selling on Amazon’s UK marketplace for illegally misusing their data and...

2 Jul 2024

In the first of an occasional series of features, we are delighted to introduce you to Ross, an expert trainer in Glasgow, and one of the most recent trainers to join the Cytech family.

1 Jul 2024

ACT member e-Velo is to open a new store in the Royal Arcade in Norwich in July, selling a range of e-bikes from some of Europe's top brands.

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Government urged to reinstate Tax Free shopping with UK Retailers missing out as sales surge across Europe

Posted on in Business News , Cycles News , Creative News, Outdoor News

high streetThe European retail sector has enjoyed its best month for international spending on Tax Free goods since the end of the pandemic after sales surged by 40% month on month in March 2023, taking them to just 21% below March 2019 – their highest level in nearly three years.

That’s according to the findings from Planet, a global technology leader providing integrated software, payment, and technology solutions.

Planet’s latest data shows the extent to which Europe’s retailers are benefiting from a surge in sales as the ever-growing numbers of Asian tourists combine with continued high levels of spending by US consumers, fuelling strong growth.

This further highlights the need for the UK Government to quickly reintroduce Tax Free shopping so UK retailers can benefit from this growth opportunity.

UK consumers continue to spend big on Tax Free across Europe

The UK’s shoppers are continuing to flex their spending muscle in Europe, retaining their place among the top five source nationalities for Europe’s retailers when it comes to Tax Free shopping despite the growth from Asia. As European retailers gear-up for the busy summer travel season, the presence of UK shoppers will continue to provide good cheer.

Planet’s latest Intelligence report shows that in March 2023, UK consumers spent most on Tax Free products in France which captured 56.9% of all spending across Europe with an average transaction value (ATV) of €1,870. Paris remains the preferred city destination taking 46.1% of all UK consumer spending.

The UK’s younger customers are continuing to drive this spending with Gen Z accounting for 27% of sales in March 2023, almost three times more than other non-EU Gen Z shoppers. The UK’s affluent Gen Zs prefer to spend in luxury, department stores, and watches & jewellery where they over-index compared to other non-EU shoppers of this age group.

Luca Cassina, President of Retail at Planet commented:

“Our data highlights the extent to which UK retailers are missing out on international spending particularly from Asian, Middle Eastern and US tourists with the UK being the only major European market not to currently offer Tax Free shopping.

“We know that Chinese tourists are already returning to Europe and they’re now only second to the US in terms of their spending on Tax Free. All the forecasts point to them emerging as a major force in international spending across Europe this summer as international airline capacity from mainland China continues to increase.

“We know from our research that almost 7 out of 10 Chinese consumers would be more likely to visit the UK if a Tax-Free shopping scheme were to be available.

“We continue to encourage the UK Government to act quickly to reinstate a Tax-Free shopping scheme for overseas visitors. This would provide a major and very welcome boost to the UK’s retail sector ahead of the peak summer travel season.”

“By working in partnership with the industry, the UK Government can quickly introduce a digital Tax-Free shopping scheme that would offer overseas consumers visiting Europe more choice and which puts retailers across the UK on a level playing field.”

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