More and more, watch and jewellery shoppers are going global to find the best designs and the best prices. Let’s take a look at the top 5 destinations for tax free shoppers (TFS) to buy watches and jewellery (W&J): Singapore, Italy, France, Germany and Spain.
Singapore is Global Blue’s top destination when it comes to W&J shopping
Driven by TFS savings and a dazzling choice of brands and retailers, Singapore is Global Blue’s top destination when it comes to W&J shopping. The city possesses an array of luxury malls, such as Paragon, Raffles City, Millenia Walk, Marina Bay Sands and ION Orchard, each offering multi-brand W&J boutiques, as well as standalone stores hosting legendary names such as Cartier, Omega, Piaget and Tiffany & Co.
With all this choice, it’s no wonder shoppers tend to spend 2,600€ more in Singapore compared to the global average of 1,645€. Savvy Chinese consumers make up 40% of total W&J purchases registered in the city, far before Indonesians accounting for 15%, Malaysians for 9% and Vietnamese shoppers at 5%. While Vietnamese people may account for a small proportion of W&J spending in Singapore, their Refers to average value of a transaction (usually applying t... More has increased the most in the last year, up 19%, compared with 11% growth from Chinese travellers and a 9.3% increase among Indonesians.
Spain has seen the highest growth in average spend in our top 5 – 14% over the last year. The appeal of key cities such as Barcelona and Madrid, as well as the country’s well-heeled resort towns, is bringing luxury shoppers to the country. As well as flagship stores and boutiques featuring many of the world’s biggest W&J brands, Spain also boasts homegrown brands like Rabat.
Italy is home to fine jewellery brands like Bulgari, Buccellati and Pomellato, as well as a range of designer brands and global W&J specialists. Its famous shopping streets such as Via Monte Napoleone and Via Della Spiga in Milan, Via dei Condotti in Rome or Florence’s Ponte Vecchio attract many Globe Shoppers, who spend an average of 2,430€ (up +6.6% compared to the year before), making it our second-most important destination for W&J shopping.
France remains a key destination for travellers, and its W&J offering is just as impressive as its fashion and accessories designers. Beautiful stores like Graff’s Paris flagship, Cartier’s nine boutiques and Louis Vuitton’s fine jewellery shop entice jewellery buyers, while the city’s Triangle d’Or of haute horlogerie serves watch connoisseurs. While the Refers to average value of a transaction (usually applying t... More in Paris has only seen year-on-year growth of 2%, Paris W&J average basket amounts to 3,900€, second-highest from our top 5.
Germany sees the highest number of TFS transactions in our top 5, making up 11% of the global total, with W&J stores spread across major cities. Alongside the best in global brands, key shopping cities of Hamburg, Munich, Frankfurt and Berlin host exclusive German brands such as A Lange & Söhne and Glashütte Original, which offer a luxurious take on German engineering, while Bucherer and Wempe add fine jewellery into the mix.
Whether in Europe or APAC, both regions possess their very own W&J hotpockets with their specific characteristics. There is a card to play for brands and retailers alike to grow their W&J TFS spend in-store, focusing on new emerging nationalities such as Vietnamese for example or by promoting their brand’s heritage to an audience on the lookout for exceptional items.