Premier Vision December 2017 Contents
Tax Free Trends
Summary 03
Tax Free Sales Trends 05
2017 Tax Free Shopping Trends 06
Fintrax Group announces two acqisitions 09
Tax Free Sales by Destination and Source 10
Top 5 Visitor Nations per Destination Country 12
Currency Trends 14
Arrivals Forecast
Europe Overview 16
France 17
United Kingdom 18
Italy 19
Spain 20
Germany 21
Singapore 22
Premier Vision | 2 Shopping & Arrivals Growth Summary – December 2017
-5% -5% +0% +11% Total Sales Total Vouchers Total ATV Total Arrivals
Top 5 Destination Markets Top 5 Source Markets
Tax Free Sales Vouchers/ Avg. Transaction Arrivals Tax Free Sales Vouchers/ Avg. Transaction Arrivals Turnover Transaction Values (ATV) Turnover Transaction Values (ATV)
FRA -9% -9% -0% +15% CHN +0% -7% +8% +7%
GBR -1% +1% -2% +10% USA -15% -12% -4% +5%
ITA +4% +3% +1% +11% RUS -15% -5% -10% +7%
ESP -17% -23% +8% +9% HKG -21% -20% -1% +11%
DEU -8% -10% +2% +7% KOR -1% +10% -10% +1%
Premier Vision December 2017 Premier Vision | 3 Shopping & Arrivals Growth Summary – Year to Date
+11% +8% +3% +11% Total Sales Total Vouchers Total ATV Total Arrivals
Top 5 Destination Markets Top 5 Source Markets
Tax Free Sales Vouchers/ Avg. Transaction Arrivals Tax Free Sales Vouchers/ Avg. Transaction Arrivals Turnover Transaction Values (ATV) Turnover Transaction Values (ATV)
FRA +11% +3% +7% +13% CHN +20% +13% +6% +11%
GBR +9% +11% -1% +11% USA +15% +7% +8% +16%
ITA +20% +18% +2% +9% RUS +9% +24% -12% +17%
ESP +14% +6% +7% +16% HKG +22% +9% +12% +7%
DEU +2% -1% +4% +6% TWN +29% +31% -1% +9%
Premier Vision December 2017 Premier Vision | 4 Tax Free Shopping Sales Trends – December 2017
Overview Sales to Russian and American 2017 closes with broad based
Following the strong double-digit gains seen tourists fall with Dollar declines across destination and throughout the first half of 2017, and single-digit gains and Ruble weakness source markets in December seen in the second half of 2017, the final month of the year ended with a modest decline in sales of 5%. Sales to Russian tourists have registered a strong Whilst the decline in sales to Russian and American This first decline in sales in 2017 was attributable to a recovery in 2017 following two years of declining sales tourists were noteworthy due to December representing 5% decline in transactions, with Average Transactions to these tourists, with a recovery in the value of the Ruble the first decline in sales to these tourists in 2017, the Values being broadly flat in the month. and an economy cautiously emerging out of it’s two fall in sales in the month was broad based in nature both year recessionary period, both encouraging increased from a destination and source market perspective. Of the major destination markets, sales in the UK spending. continued to be beset by the cumulative effect of Of the top ten destination markets, seven destinations terror attacks, comparisons to the rates of growth seen However, sales to the tourists reversed again in registered a decline in sales in the month, which was in the second half of 2016 and a strengthening Pound, December with a decline of 15% in the month, commensurate with seven of the top ten source markets whilst France and Germany saw declines of 9% and representing the only month sales declined in 2017. also registering a decline in sales in the month. Of the 10%, respectively. Sales in Spain experienced a 23% In recent months, the pace of the recovery in economic major destination markets, Italy, Austria and Portugal decline in the month following the Barcelona attack in growth has slowed, and projections for 2018 are recorded growth in the month of 4%, 15% and 3%, August and the recent geo-political unrest, whilst Italy underwhelming despite the rally in oil prices, which has respectively, off-set by double-digit declines in Spain, the registered modest growth of 3%. served to re-apply downward pressure on the Ruble. Czech Republic, and Ireland. The declines in the Czech Republic and Ireland followed significant double-digit Sales to American tourists also fell by 15% in December, The outlook for arrival numbers for the first quarter gains in the same period in the prior year, whilst Spain but in contrast to Russian tourist sales, sales to American of 2017 suggests a robust 4% increase, which would is likely affected by the Barcelona attack and on-going tourists have registered sustained and uninterrupted be accretive to the 10% increase seen in the first Catalan dispute. quarter of 2017, with the Chinese new year on 16th gains for the last three years. Also in contrast to the February predicted to provide a particular boost to Russian economy, economic and job growth has Of the top 10 nationalities, as well as Russian and arrival numbers. been robust, whilst foreign policy, uncertainty over American tourists, sales to tourists from Hong Kong reforms and the budget deficit have all contributed to a also recorded double-digit declines, with positive gains weakening in the Dollar. The impact of this uncertainty of 4% were registered in sales to Malaysian and Thai has been further accentuated by a robust Eurozone, tourists, whilst sales o Chinese tourists were broadly however, this will be tested again in 2018 with lingering flat in the month. uncertainty over the Catalan dispute and Italian elections in March.
Premier Vision | 5 Feature: 2017 Tax Free Shopping Trends
Introduction The BRIC’s-were-Back In contrast to the other BRIC nations, sales to Indian tourists continued to evidence gains in Europe in 2016, Following a tumultuous 2016, a cautiously optimistic The foundation for the gains in 2017 were largely derived and with growth of 18% in 2017, this elevated these outlook was considered as the likely prospects for 2017, from the growth in sales to Chinese, Hong Kong and tourists from a ranking of 15th most important nationality which largely manifested, but as a year of two very Taiwanese tourists, together representing 37% of all Tax in 2016, to a ranking of 12th most important in 2017. different halves. Free shopping sales in the year and evidencing growth Whist there are varying forecasts on GDP predictions, of 21%. This represented a significant reversal from The 11% increase in sales in 2017 was largely boosted the World Bank has recently predicted that growth would the 10% decline in sales evidenced in 2016, with Italy by the 19% increase in sales registered in the first half of accelerate to 7.3% in 2018, overtaking the prediction for and Spain being the primary beneficiaries of the major the year, and somewhat tempered by the 5% increase China’s predicted growth of 6.4%. With this rate of growth destination markets, with both evidencing gains recorded in the second half of 2017. and subsequent and inherent growth in the middle in excess of 30%. classes that would be increasingly opt to travel and shop In last month’s Premier Vision, we looked forward to In addition, following some significant declines in sales overseas, 2018 could become the breakthrough year for some of the trends for 2018, and in this feature, we to Russian and Brazilian tourists, stretching back to mid Indian tourists to enter the upper echelons of the top 10 explore some of the trends in 2017, which was impacted 2014, 2017 marked a return to growth for these tourists Tax Free shopping nationalities. by a strengthening Eurozone particularly following the with gains of 9% and 27%, respectively. As previously French elections, currency and oil price fluctuations, the noted, whilst there are some lingering concerns anniversary of the Brexit referendum and subsequent 2017 Y/Y Sales around the recovery in the Russian economy and the devaluation of Sterling, terror attacks in the UK and performance of the Ruble, the recent recovery in oil Spain, and subsequently the geo-political uncertainty in BRA +26.7% prices to $70 per barrel, the first time it has hit this heady Spain, which all contributed to the reduction in the rate of height since December 2014, and with increased co- growth in the second half of 2017. operation amongst the OPEC countries to limit supplies RUS +8.6% and therefore expected to provide increased stability in 2018, this provides some cause for optimism for IND +17.7% these tourists. In contrast, the Brazilian Real performed strongly in 2017 as the country exited recession, and CHN +19.8% predictions suggest continued growth in the economy and employment levels for 2018.
Premier Vision | 6 Feature: 2017 Tax Free Shopping Trends
Middle East subdued 2017 Y/Y Sales The tourism landscape in Spain was extremely buoyant in the first half of 2017, as Tax Free shopping sales saw an In contrast to the majority of the major source markets increase of 25%, marginally ahead of the gains in Italy at UAE +6.0% that posted strong gains in 2017, following declines that point, with continued strong gains in tourist numbers in 2016, sales to the major Middle East nationalities predicted through to the end of the year. However, gains remained challenged. With the exception of Emirati KWT -1.1% in the year closed out at 6%, the reasons for which we will tourists, the main Arab Gulf nationalities, including explore shortly. Kuwait, Saudi Arabia and Qatar, all registered a decline SAU -7.9% After a difficult 2016 which saw a modest decline in sales, in sales in 2017. predominantly attributable to the strong gains in the prior The confluence of low oil prices, and subsequent QAT -11.2% year which was boosted by the influx in arrival numbers implementation of austerity measures, policies to for the Expo Milano, Italy re-remerged as the destination reduce the reliance on oil, countries such as Saudi of choice in 2017. The 20% growth in sales in the year Arabia moving into a recessionary environment, and the was garnered as sales to Chinese, Russian and American blockade of Qatar by it’s Arab neighbours, all contrived Southern Europe heated up, led tourists increased by 32%, 24% and 22%, respectively. to apply downward pressure on these tourists’ by an Italian renaissance propensity to spend in 2017, with sales to Qatari 2017 Y/Y Sales tourists experiencing the steepest fall with a decline of Southern Europe destinations were the clear winners in 11% in the year. 2017, as rising temperatures saw increasing numbers of ITA +20.5% As previously mentioned, the recent resurgence in tourists and increased spend, with sales growth of 18% in oil prices could provide a boost in 2018, along with the year. Sales in Portugal and Greece both increased by +14.0% forecasts for modest GDP gains, and an apparent 32%+ in the year, with sales in Greece not only boosted ESP softening in Saudi Arabia on austerity measures by a reported 10% increase in arrival numbers in the that included an annual bonus and allowance for all first half of 2017, but an additional boon was provided to PRT +33.4% state employees. However, weakness in the dollar retailers with the passing of legislation to lower the Tax could off-set some of these positive influences with Free shopping limit from €120 to €50, which followed GRC +31.6% their currencies being pegged to the dollar, with the hard lobbying by the Premier Tax Free team in Greece to exception of Kuwait. reduce this limit.
Premier Vision December 2017 Feature: 2017 Tax Free Shopping Trends
Terrorism and geo-political ‘Trump Slump’ and North Korea As a result of the aversion for travel to the US, and the reciprocal aversion for Chinese and South Korean uncertainty re-emerged crisis contribute to European nationals to visit the other’s nations, it could be seen that arrivals to European destinations were afflicted by events The significant events that affected sales performance tourism resurgence within Europe, it also benefitted from these external in 2016, i.e. the Paris attacks in November 2015 and the The reported ‘Trump Slump’ has led to commentators geo-political events. spate of attacks in Germany in the summer of 2016 and stating that 2017 has gone down as one of the worst Berlin in December 2016, re-emerged in 2017 to affect and most challenging years for US tourism in recent the UK and Spain. memory. Whilst it has been reported that the decline Whilst the UK was impacted by the events listed below, may have started in 2016, the signing of the executive as previously noted, the UK was also affected by the order barring travel from seven Muslim majority nations anniversary of the Brexit referendum which made growth on 27th Jan 2017, pre-empted an aversion to travel to comparisons inherently difficult, and also currency the US. fluctuations have recently seen Sterling move to it’s highest level against the Dollar since the referendum. In addition, on 2nd March 2017, it was reported that Chinese officials instructed travel agencies to stop UK Terror timeline: selling trips to South Korea, in a retaliatory move against - 22 March: Westminster attack Seoul’s decision to deploy an advanced U.S. anti-missile - 22 May: Manchester Arena bombing defense system. As a result, South Korea saw Chinese - 3 June: London Bridge attack tourists numbers decline by almost half, and in further - 19 June: Finsbury Park attack retaliation, there was a reciprocal decline in South Korean - 15 Sept: London tube train bomb tourists visiting China in 2017.
In Spain, the Barcelona attack on 17th August and the Catalan referendum on 1st October saw a significant reversal of the 25% gains seen in the first half of 2017, with only 6% growth registered in the second half of the year, as the year ended with a sales decline of 6% in the final quarter of the year.
Premier Vision December 2017 Feature: Fintrax Group announces two acquisitions
Planet Payment Acquisition Carl J. Williams, Chairman and Chief Executive Officer, Planet Payment added, “We are excited to join the Fintrax In December 2017, Fintrax Group, the holding company of organization and to combine our unique products and Premier Tax Free, successfully acquired Planet Payment, services, adding more value to our banks and acquirers. Part of Fintrax Group a leading provider of international and multi-currency Fintrax will bring increased global scale investment processing services, based in New York. that expands our services, and ultimately deepens our This strategic acquisition will position Fintrax Group relationships with our customers”. at the forefront of global digital payments innovation.
Planet Payment’s suite of solutions, including a service GB Tax Free Acquisition Part of Fintrax Group that allow banks and merchants to offer customers At the end of 2017, Fintrax Group also acquired GB Tax personalised payments in their home currency at the Free, one of the largest tax free providers in the UK. The point of sale, online or at the ATM, are complementary to complementary talents of GB Tax Free and Premier Tax Fintrax Group’s current product offering, which includes Free will enhance the quality and scale of the service VAT refund services as well as similar Dynamic Currency offering to the clients of both companies. Conversion payment processing services. The acquisition will build on the strengths of both businesses, taking their Customers seek solutions that deliver a new worldwide respective portfolio of services to an extended set of shopping experience; the strategic acquisition will provide customers in new regions around the world. access to this service for customers looking to expand into new territories. Patrick Waldron, Chief Executive Officer of Fintrax Group said, “The purchase of Planet Payment expands our ability While the acquisition of GB Tax Free plays a major role to serve our 300,000 global merchants, both directly and in growing our UK tax free footprint, it also expands through 100 partner banks. Our combined business will our ability to partner with even more merchants operate in 55 countries across five continents, positioning worldwide through GB Tax Free’s network of us as a leader in Dynamic Currency Conversion (DCC) partnerships with various acquirers. and multi-currency processing in North America, Latin America, Asia Pacific, the Middle East, Africa and Europe. We look forward to working with Carl Williams and his team, who have built an impressive business with some of the world’s leading acquirers and banks”.
Premier Vision December 2017 Sales Performance – December 2017
By Destination By Source Market
FRA -8.9% CHN 0.1%
GBR -1.5% USA -15.4%
ITA 4.0% RUS -14.6%
ESP -17.0% HKG -20.7%
SGP -6.5% TWN -0.8%
DEU -8.5% KOR -10.3%
AUT 14.8% MYS 3.7%
CZE -20.5% UAE -10.0%
PRT 2.7% THA 4.0%
IRL -12.0% SGP -7.7%
Premier Vision December 2017 Premier Vision | 10 Sales Performance – Year to Date
By Destination By Source Market
FRA 10.7% CHN 19.8%
GBR 9.4% USA 14.9%
ITA 20.5% RUS 8.6%
ESP 14.0% HKG 21.9%
DEU 2.1% TWN 28.7%
SGP -6.3% KOR 15.9%
AUT 20.3% UAE 6.0%
CZE 29.7% THA 5.6%
IRL 11.0% SAU -7.9%
PRT 33.4% KUW -1.1%
Premier Vision December 2017 Premier Vision | 11 Top 5 Visitor Nations per Destination Country – December 2017
Market Avg. Transaction Year on Market Avg. Transaction Year on Share Values (ATV) Year Sales Share Values (ATV) Year Sales
CHINA 32% €1,939 7% CHINA 31% €418 -6% HONG KONG 9% €5,188 -26% INDONESIA 15% €346 -20% USA 7% €1,308 -11% INDIA 11% €549 14% SOUTH KOREA 5% €719 -18% MALAYSIA 7% €811 29% FRANCE RUSSIA 4% €1,690 -18% SINGAPORE VIETNAM 4% €258 -50%
CHINA 25% €454 -7% CHINA 18% €593 17% KUWAIT 6% €356 9% RUSSIA 15% €504 8% USA 6% €473 -20% TAIWAN 10% €743 63% UAE 5% €543 -11% SWITZERLAND 9% €389 -18% UK SAUDI ARABIA 4% €530 3% AUSTRIA THAILAND 6% €726 104%
CHINA 29% €1,111 15% RUSSIA 25% €324 -45% RUSSIA 10% €1,037 -8% TAIWAN 23% €229 1% USA 7% €1,078 -6% CHINA 15% €357 -13% TAIWAN 5% €1,223 -2% SOUTH KOREA 5% €188 -5% ITALY SINGAPORE 4% €1,172 7% CZECH REP. ISRAEL 4% €197 -5%
CHINA 27% €690 -18% CHINA 30% €1,822 4% USA 7% €599 -20% ANGOLA 17% €410 -5% RUSSIA 6% €524 -20% BRAZIL 16% €341 -17% SOUTH KOREA 4% €429 -9% HONG KONG 5% €9,216 212% SPAIN ARGENTINA 4% €268 -5% PORTUGAL USA 5% €1,215 13%
CHINA 28% €542 -22% CHINA 33% €406 -23% RUSSIA 14% €589 -13% USA 25% €138 -3% SWITZERLAND 5% €374 -11% MALAYSIA 6% €584 125% THAILAND 5% €1,114 25% AUSTRALIA 4% €241 61% GERMANY TAIWAN 5% €416 10% IRELAND THAILAND 3% €1,569 80%
Premier Vision December 2017 Premier Vision | 12 Top 5 Visitor Nations per Destination Country – YTD
Market Avg. Transaction Year on Market Avg. Transaction Year on Share Values (ATV) Year Sales Share Values (ATV) Year Sales
CHINA 31% €1,704 20% CHINA 32% €388 -3% HONG KONG 8% €5,036 32% INDONESIA 15% €338 -16% USA 8% €1,327 19% INDIA 13% €594 9% SOUTH KOREA 6% €725 4% VIETNAM 5% €373 16% FRANCE RUSSIA 5% €1,571 -1% SINGAPORE MALAYSIA 4% €646 -13%
CHINA 26% €411 16% CHINA 26% €555 49% USA 7% €406 8% RUSSIA 13% €451 25% KUWAIT 6% €365 2% SWITZERLAND 10% €403 -5% UAE 5% €610 9% TAIWAN 7% €666 33% UK SAUDI ARABIA 5% €438 -7% AUSTRIA UKRAINE 4% €554 11%
CHINA 27% €1,063 32% RUSSIA 29% €392 34% RUSSIA 11% €861 24% CHINA 21% €393 44% USA 10% €1,113 22% TAIWAN 13% €219 34% TAIWAN 5% €1,218 17% SOUTH KOREA 6% €202 72% ITALY SOUTH KOREA 3% €849 40% CZECH REP. USA 5% €503 5%
CHINA 27% €659 33% CHINA 39% €414 16% RUSSIA 8% €382 12% USA 32% €112 9% USA 8% €637 13% CANADA 3% €99 1% ARGENTINA 5% €251 23% AUSTRALIA 3% €141 -1% SPAIN MEXICO 4% €373 13% IRELAND MALAYSIA 2% €279 25%
CHINA 35% €579 -1% CHINA 29% €1,677 33% RUSSIA 11% €560 7% BRAZIL 21% €349 56% UAE 5% €773 -1% ANGOLA 20% €374 23% THAILAND 5% €1,000 14% RUSSIA 4% €379 71% GERMANY TAIWAN 4% €408 23% PORTUGAL USA 3% €687 38%
Premier Vision December 2017 Premier Vision | 13 Currency vs Euro & GBP: Top Source Markets
Currency movements: Last 52 Weeks
CNY > EUR RUB > EUR CNY > GBP
8 73 9
7.9 71 8.9 9.8 7.8 69 7.7 9.7 67 7.6 9.6 65 7.5 9.5 63 7.4 8.4 61 7.3 8.3 7.2 59 8.2 7.1 57 8.1 7 55 8
USD > EUR HKD > EUR USD > GBP
1.22 9.6 1.38 1.2 9.4 1.36 1.18 1.34 9.2 1.16 1.32 1.14 9 1.3 1.12 8.8 1.28 1.1 8.6 1.08 1.26 8.4 1.06 1.24 1.04 8.2 1.22
1.02 8 1.2
Premier Vision December 2017 Premier Vision | 14 Arrivals Forecast
In partnership with
Know tomorrow’s travellers Europe Overview UK JAN 17 MAR 17 +11.1%
JAN 18 MAR 18 +1.3% Outlook Arrivals numbers saw an increase of 11% in December, which was disproportionately FRANCE higher than both sales and transaction gains in the month. This gap in the rate of gains was evidenced across both destination and source markets, an indication that increasing numbers JAN 17 of tourists are opting to travel to Europe, but this is also likely symptomatic of a lower mix of MAR 17 +12.9% High Net Worth Travellers. JAN 18 Furthermore, of the top five source markets, some of the largest growth gaps between MAR 18 +6.4% arrivals and transactions were registered with Americans, Russians, and tourists from Hong Kong. As previously noted, both the Ruble and the Dollar have weakened against the Euro in GERMANY recent months, indicative of a lower purchasing power for these tourists, and with the Hong
Dollar being pegged to the US Dollar, this has also affected the spending power of these JAN 17 tourists. MAR 17 +6.1%
JAN 18 Opportunity MAR 18 -0.0% The first quarter of 2018 is predicted to continue to see Italy to be the destination of choice, no doubt also supported by this destination now being the last bastion of the major ITALY destination markets not to be affected by terror attacks. Italy will likely therefore not only
influence tourism and shopping in the first quarter, but the outcome of the elections in March JAN 17 will also provide guidance on the direction of the performance of the Euro in 2018. MAR 17 +6.5%
The Chinese new year on 16th February is predicted to off-set a decline in Chinese tourist JAN 18 numbers in January, and accounting for the difference in timing, total arrival numbers of MAR 18 +8.1% Chinese tourists for the quarter is expected to increase by 5%, whilst tourists from Hong Kong and Taiwan are both predicted to increase by 13%. SPAIN Growth in arrival numbers of American tourists is forecast to be tempered in the forst quarter of 2018, with gains of 4% predicted, whilst Russian tourists are predicted to evidence a JAN 17 modest decline of 2%. However, the resurgence of Brazilian tourists is expected to continue MAR 17 +14.7%
with growth of 14% expected, and Japanese tourists are predicted to increase by 13%. JAN 18 MAR 18 +4.6%
Premier Vision December 2017 Premier Vision | 16 FRANCE 3 Month Arrivals Outlook RUSSIA HONG KONG CHINA JAN 17 JAN 17 JAN 17 MAR 17 +26.2% MAR 17 +5.9% MAR 17 +14.8%
JAN 18 JAN 18 JAN 18 S. KOREA MAR 18 +9.4% MAR 18 +15.8% MAR 18 +8.0%
JAN 17 MAR 17 +20.3%
USA JAN 18 MAR 18 -3.6% JAN 17 MAR 17 +18.5%
JAN 18 JAPAN MAR 18 +11.6% JAN 17 MAR 17 +39.7%
BRAZIL JAN 18 MAR 18 +31.9% JAN 17 MAR 17 +33.8%
JAN 18 TAIWAN MAR 18 +43.6% JAN 17 MAR 17 +5.4%
KUWAIT JAN 18 MAR 18 +14.4% JAN 17 MAR 17 +15.2%
JAN 18 THAILAND MAR 18 +11.2% JAN 17 MAR 17 +6.1%
S.ARABIA QATAR UAE INDIA AUSTRALIA JAN 18 MAR 18 +8.5%
JAN 17 JAN 17 JAN 17 JAN 17 JAN 17 MAR 17 +15.2% MAR 17 +6.9% MAR 17 +14.5% MAR 17 +13.2% MAR 17 -4.6%
JAN 18 JAN 18 JAN 18 JAN 18 JAN 18 MAR 18 +4.6% MAR 18 -5.3% MAR 18 -6.0% MAR 18 +3.7% MAR 18 +40.3%
Premier Vision December 2017 Premier Vision | 17 UK 3 Month Arrivals Outlook RUSSIA HONG KONG CHINA JAN 17 JAN 17 JAN 17 MAR 17 +15.2% MAR 17 +9.7% MAR 17 +28.4%
JAN 18 JAN 18 JAN 18 S. KOREA MAR 18 -2.4% MAR 18 +11.0% MAR 18 +4.6%
JAN 17 MAR 17 +25.5%
USA JAN 18 MAR 18 +7.2% JAN 17 MAR 17 +18.0%
JAN 18 JAPAN MAR 18 -6.6% JAN 17 MAR 17 +17.0%
BRAZIL JAN 18 MAR 18 +3.8% JAN 17 MAR 17 +43.5%
JAN 18 TAIWAN MAR 18 +3.4% JAN 17 MAR 17 +16.3%
KUWAIT JAN 18 MAR 18 +32.2% JAN 17 MAR 17 +42.4%
JAN 18 THAILAND MAR 18 -3.1% JAN 17 MAR 17 +2.9%
S.ARABIA QATAR UAE INDIA AUSTRALIA JAN 18 MAR 18 +10.6%
JAN 17 JAN 17 JAN 17 JAN 17 JAN 17 MAR 17 -5.5% MAR 17 -3.1% MAR 17 +7.3% MAR 17 -6.1% MAR 17 +9.4%
JAN 18 JAN 18 JAN 18 JAN 18 JAN 18 MAR 18 +2.4% MAR 18 -5.4% MAR 18 -14.4% MAR 18 -2.8% MAR 18 +28.3%
Premier Vision December 2017 Premier Vision | 18 ITALY 3 Month Arrivals Outlook RUSSIA HONG KONG CHINA JAN 17 JAN 17 JAN 17 MAR 17 +22.3% MAR 17 -3.7% MAR 17 +17.8%
JAN 18 JAN 18 JAN 18 S. KOREA MAR 18 -8.5% MAR 18 +10.2% MAR 18 +3.6%
JAN 17 MAR 17 +1.9%
USA JAN 18 MAR 18 +11.5% JAN 17 MAR 17 +11.0%
JAN 18 JAPAN MAR 18 +16.6% JAN 17 MAR 17 +0.6%
BRAZIL JAN 18 MAR 18 +14.0% JAN 17 MAR 17 +18.4%
JAN 18 TAIWAN MAR 18 +21.8% JAN 17 MAR 17 +11.4%
KUWAIT JAN 18 MAR 18 +14.6% JAN 17 MAR 17 -5.2%
JAN 18 THAILAND MAR 18 -1.5% JAN 17 MAR 17 -5.2%
S.ARABIA QATAR UAE INDIA AUSTRALIA JAN 18 MAR 18 +7.4%
JAN 17 JAN 17 JAN 17 JAN 17 JAN 17 MAR 17 -13.2% MAR 17 -2.4% MAR 17 +12.1% MAR 17 -2.1% MAR 17 +10.5%
JAN 18 JAN 18 JAN 18 JAN 18 JAN 18 MAR 18 -0.6% MAR 18 -16.0% MAR 18 -16.3% MAR 18 +5.9% MAR 18 +35.5%
Premier Vision December 2017 Premier Vision | 19 SPAIN 3 Month Arrivals Outlook RUSSIA HONG KONG CHINA JAN 17 JAN 17 JAN 17 MAR 17 +10.2% MAR 17 +6.2% MAR 17 +37.2%
JAN 18 JAN 18 JAN 18 S. KOREA MAR 18 +0.2% MAR 18 +36.9% MAR 18 -0.0%
JAN 17 MAR 17 +3.6%
USA JAN 18 MAR 18 -14.2% JAN 17 MAR 17 +25.8%
JAN 18 JAPAN MAR 18 +5.4% JAN 17 MAR 17 -4.3%
BRAZIL JAN 18 MAR 18 +1.8% JAN 17 MAR 17 +36.3%
JAN 18 TAIWAN MAR 18 -1.1% JAN 17 MAR 17 -3.9%
KUWAIT JAN 18 MAR 18 +1.1% JAN 17 MAR 17 -3.5%
JAN 18 THAILAND MAR 18 -16.2% JAN 17 MAR 17 -4.3%
S.ARABIA QATAR UAE INDIA AUSTRALIA JAN 18 MAR 18 -7.3%
JAN 17 JAN 17 JAN 17 JAN 17 JAN 17 MAR 17 -17.9% MAR 17 -7.5% MAR 17 +3.2% MAR 17 +11.2% MAR 17 +6.2%
JAN 18 JAN 18 JAN 18 JAN 18 JAN 18 MAR 18 -1.4% MAR 18 -16.8% MAR 18 -12.6% MAR 18 +3.9% MAR 18 +39.4%
Premier Vision December 2017 Premier Vision | 20 GERMANY 3 Month Arrivals Outlook RUSSIA HONG KONG CHINA JAN 17 JAN 17 JAN 17 MAR 17 -0.6% MAR 17 -3.7% MAR 17 +10.6%
JAN 18 JAN 18 JAN 18 S. KOREA MAR 18 -6.6% MAR 18 +11.2% MAR 18 +4.7%
JAN 17 MAR 17 +10.9%
USA JAN 18 MAR 18 +6.8% JAN 17 MAR 17 +12.1%
JAN 18 JAPAN MAR 18 -1.5% JAN 17 MAR 17 +4.3%
BRAZIL JAN 18 MAR 18 +14.9% JAN 17 MAR 17 +20.6%
JAN 18 TAIWAN MAR 18 -2.4% JAN 17 MAR 17 +1.7%
KUWAIT JAN 18 MAR 18 +17.0% JAN 17 MAR 17 -37.3%
JAN 18 THAILAND MAR 18 +4.1% JAN 17 MAR 17 -5.3%
S.ARABIA QATAR UAE INDIA AUSTRALIA JAN 18 MAR 18 +6.0%
JAN 17 JAN 17 JAN 17 JAN 17 JAN 17 MAR 17 -5.8% MAR 17 -21.4% MAR 17 -1.7% MAR 17 +10.4% MAR 17 +9.4%
JAN 18 JAN 18 JAN 18 JAN 18 JAN 18 MAR 18 -4.2% MAR 18 -0.3% MAR 18 -13.2% MAR 18 -3.6% MAR 18 +20.6%
Premier Vision December 2017 Premier Vision | 21 SINGAPORE 3 Month Arrivals Outlook RUSSIA HONG KONG CHINA JAN 17 JAN 17 JAN 17 MAR 17 +21.6% MAR 17 -24.7% MAR 17 +4.7%
JAN 18 JAN 18 JAN 18 S. KOREA MAR 18 +20.6% MAR 18 +11.1% MAR 18 -0.4%
JAN 17 MAR 17 +5.0%
USA JAN 18 MAR 18 +11.3% JAN 17 MAR 17 +6.8%
JAN 18 JAPAN MAR 18 +21.0% JAN 17 MAR 17 +15.5%
BRAZIL JAN 18 MAR 18 +7.0% JAN 17 MAR 17 +63.9%
JAN 18 TAIWAN MAR 18 +19.7% JAN 17 MAR 17 -1.1%
KUWAIT JAN 18 MAR 18 +9.1% JAN 17 MAR 17 -12.9%
JAN 18 THAILAND MAR 18 -9.5% JAN 17 MAR 17 -2.1%
S.ARABIA QATAR UAE INDIA AUSTRALIA JAN 18 MAR 18 +9.4%
JAN 17 JAN 17 JAN 17 JAN 17 JAN 17 MAR 17 -22.1% MAR 17 -12.9% MAR 17 +0.8% MAR 17 +9.4% MAR 17 +9.0%
JAN 18 JAN 18 JAN 18 JAN 18 JAN 18 MAR 18 +15.1% MAR 18 -12.5% MAR 18 -8.2% MAR 18 +17.4% MAR 18 +27.7%
Premier Vision December 2017 Premier Vision | 22 Part of the Fintrax Group
Fintrax Group Holdings Headquartered in Galway, Ireland Email: [email protected] | Web: premiertaxfree.com/business
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