Premier Vision September 2017 Contents
Tax Free Trends
Summary 03
Tax Free Shopping Sales Trends 05
Feature: Sales in Greece boosted by Tax Free Shopping threshold reduction 07
Tax Free Sales by Destination and Source 08
Top 5 Visitor Nations per Destination Country 10
Currency Trends 12
Arrivals Forecast
Europe Overview 14
France 15
United Kingdom 16
Italy 17
Spain 18
Germany 19
Singapore 20
Premier Vision September 2017 Premier Tax Free | 02 Shopping & Arrivals Growth Summary – September 2017
+4% +2% +2% +10% Total Tax Free Total Vouchers Total Avg. Transaction Total Arrivals Sales Turnover / Transactions Values (ATV)
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 +4% -2% +5% +14% CHN +13% +4% +8% +4%
GBR -9% -8% -1% +9% USA +9% +3% +5% +14%
ITA +20% +17% +2% +8% RUS +11% +20% -7% +17%
ESP +19% +16% +2% +18% SAU +14% -2% +16% -4%
DEU -8% -14% +6% +4% KWT -7% -12% +6% -19%
Premier Vision September 2017 Premier Tax Free | 03 Shopping & Arrivals Growth Summary – Year to Date
+15% +12% +3% +11% Total Tax Free Total Vouchers Total Avg. Transaction Total Arrivals Sales Turnover / Transactions Values (ATV)
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 +13% +3% +10% +13% CHN +23% +19% +4% +13%
GBR +16% +18% -2% +11% USA +20% +9% +10% +17%
ITA +24% +22% +1% +9% RUS +12% +31% -14% +20%
ESP +22% +14% +7% +18% HKG +32% +18% +12% +7%
DEU +3% +0% +3% +6% TWN +36% +36% +0% +9%
Premier Vision September 2017 Premier Tax Free | 04 Tax Free Shopping Sales Trends
Overview Italy gains continue unabated, with UK sees continued arrival strong finish predicted for the year gains; but sales growth Trends in Tax Free Shopping saw a continuation of the broad trends seen in August, as the rate of gains tempered by headwinds Italy once again led the pack amongst the major slowed to 4% in the month, compared to the 5% gains destination markets, with growth of 20% in the month, seen in August. The 4% increase in sales in the month Despite a 9% increase in arrival numbers, sales in the UK and 24% on Year To Date basis, further consolidating its was supported by a 2% increase in transactions, with declined by 9% in September, driven by an 8% fall in the position as the destination of choice for 2017. continued momentum in sales gains in both Italy and volume of transactions, as a number of headwinds start Spain, offset by declines in both the UK and Germany, to affect sales in the UK. Firstly, the relationship between The top three nationalities in Italy, representing close whilst France saw modest gains of 4%. From a nationality arrivals and sales provided a contrasting picture in 2016, as to half of total sales in the month and represented by perspective, there was a 28% decline in sales to Qatari the number of arrivals declined by 2%, but the Brexit effect Chinese, American and Russian tourists, all saw growth tourists, commensurate with a 27% decline in arrival saw an increase in sales with growth of 21%, therefore of between 26- 28%, whilst Saudi & Kuwaiti tourists numbers, as the impact of the blockade continues to making growth compares inherently more difficult. provided gains of 47% and 25%, respectively. hamper tourism from this nation. Secondly, the importance of Qatari tourists to the UK In terms of destinations within Italy, both Milan and The outlook for October suggests a potential return to market and the embargo on this nation also influenced, Rome saw an increase of 16%, whilst sales in Florence double-digit gains, albeit at a lower pace seen through where in September 2016, these tourists were the increased by 33%. Although these three cities represent the first half of 2017. Early indications suggest Golden fourth most important nationality in the UK, and sales to close to 70% of all sales in Italy, the diversity and variety Week provided gains of nearly 10% in sales to Chinese these tourists saw the largest fall in absolute sales terms of destinations saw the rest of the country increase tourists, whilst sales to South Korean tourists saw close amongst all nationalities, relegating these tourists to sales by 33%, with sales in Capri, Forte dei Marmi and to triple-digit gains. However, indications also suggest sixth position in September 2017. Portofino, all seeing triple-digit gains in the month. that the recent political unrest in Spain, following the terror attack in Barcelona, could curtail the rate of Thirdly, the impact of terror attacks had been seen to be With the final quarter of 2017 predicted to see growth gains in tourism to Spain. fairly muted, however, with many tourists having already in arrival numbers of 10.2%, and with the top three booked summer vacations at this time, and with the most nationalities all predicted to see double-digit gains, recent attack on the 15th September, this could now we estimate that sales in Italy will increase by between be a deterrent for the High Net Worth travellers. These 25-27% for the full year of 2017. factors, along with a moderately strengthening Pound, are currently likely to affect the remainder of 2017.
Premier Vision September 2017 Premier Tax Free | 05 Tax Free Shopping Sales Trends (continued)
Currency fluctuations provide outlook suggests, the insatiable appetite to travel and 20%, respectively, although transactions to Russian remains, but it remains to be seen how this might affect tourists also increased by 20%. The 12% increase in the uncertain outlook, but tourism Average Transaction Values, or for that matter, the number of Brazilian tourists gave rise to a 27% increase outlook remains positive volume of transactions.. in sales to these tourists.
At the start of 2017, a number of commentators had Resurgence of BRIC nations The 5% increase in numbers from China saw a broadly predicted that the Euro to USD rate of exchange would commensurate 4% increase in transactions to these reach parity in 2017, which was not a particularly bold endures despite uncertain tourists, whilst sales to these tourists increased claim given the low of 1.04 seen in December 2016. trading conditions by 13%. The outlook for arrival number from China continue to look positive for the remainder of 2017, and Since then, although the Dollar initially rallied and spiked The movement and fluctuations in the rate of exchange, the imminent start of the following the Trump election, the legislative failures, in impact of terror attacks, geo-political events inside and ‘2018 EU-China tourism particular in implementing the proposed tax reforms, has outside of Europe, ‘over-tourism’ concerns, and the year’, the prospects seen this euphoria replaced by a weakness in the value of anniversary of the Brexit referendum, have all served to continue to look the Dollar. This coupled with a strengthening Eurozone create uncertain trading conditions in recent months. economy, and an absence of potential political upheaval positive. following elections in the Netherlands and France, has Despite these challenges, sales to international shoppers seen the renewed confidence in the Euro, with an easing form the BRIC nations have continued to exhibit strong concern about the break-up of the Eurozone. gains, with growth of 13% in September 2017, an 22% on a Year To Date basis, with all four nations In more recent times, the elections in Germany and exhibiting double-digit gains. the political movement in Spain have served to apply some downward pressure on the Euro, whilst Sterling There was a 17% increase in arrival has recently strengthened since the Bank of England numbers from Russia and India in suggested increasing interest rates with economic data September, which resulted bordering on encouraging. in sales growth of 11%
There has therefore been considerable fluctuation and uncertainty in recent times, however as the arrivals
Premier Vision September 2017 Feature: Sales in Greece boosted by Tax Free Shopping threshold reduction
Travel and Tourism to Greece continues to flourish, In 2017 to date, Tax Free shopping sales have increased Top Nationalities despite the difficulties facing the broader Greek by 27%, with Chinese tourist spend increasing by 54%, economy, with reports indicating that arrival numbers closely followed by the Americans at 37%, and many to Greece increased by more than 10% in the first more international shoppers increasing their tax free China 23% 28% 54% half of 2017. Travel and Tourism to Greece has always shopping spend as a result of this increased benefit to represented a significant proportion of the Greek the tourist. Russia 15% 12% 2% economy, with estimates from the World Travel and USA 8% 8% 37% Tourism Council (WTTC) suggesting that all direct The benefits have been felt across the majority of the and indirect contributions of tourism to the country country and where Athens represents 42% of all Tax Free represent as much as 19% of the nation’s GDP, the shopping sales, 2017 has seen a 52% increase in sales in Other 54% 51% 21% fourth highest proportion in the EU. Athens. The growth however, is not limited to the cities; the Island of Santorini, for example, has seen an a 147% In 2016, Premier Tax Free played a major role in increase in transactions compared to 2016. 2016 Mix 2017 Mix Y-Y enhancing the attractiveness of Tax Free shopping in Greece, and by increasing the propensity to claim As expected Average Transaction Values (ATVs) have refunds, consequently increased the proclivity to spend decreased over this period. This is a natural outcome Top Categories more, and therefore enhancing the economic growth of of the lowering of the spending limits, and perhaps not the country. surprisingly, the watches & jewellery sector has not Watches & been a primary beneficiary, but the luxury sector has 31% 25% 6% Premier Tax Free Greece was instrumental in successfully witnessed a 24% increase in sales in 2017. Jewellery lobbying to have legislation passed to lower the Tax Luxury 24% 24% Free Shopping limit from €120 to €50. After leading a The continued growth in tourism and international 25% coordinated effort alongside government officials, shopping sales has not only provided a boon to retailers Fashion 13% 14% 20% more than 2,000 merchants, the National in Greece, but also benefitted the wider economy, which Clothing Chain Association of Commerce and many more has benefitted from a much-needed boost following a 37% individuals and groups, the limit was finally tumultuous number of years, with sustained GDP Others 30% 57% lowered towards the end of 2016. growth in each of the last two quarters. 2016 Mix 2017 Mix Y-Y
Premier Vision September 2017 Premier Tax Free | 07 Sales Performance – September 2017
By Destination By Source Market
FRA +3.6% CHN +12.6%
GBR -8.7% USA +8.9%
ITA +19.7% RUS +11.2%
ESP +19.1% SAU +13.5%
DEU -8.1% KWT -7.2%
SGP +0.1% UAE +10.0%
AUT +11.6% HKG -22.3%
IRL -5.3% KOR -12.1%
CZE +15.6% TWN -10.2%
PRT +12.9% QAT -27.7%
Premier Vision September 2017 Premier Tax Free | 08 Sales Performance – Year to Date
By Destination By Source Market
FRA +13.2% CHN +23.3%
GBR +15.8% USA +20.0%
ITA +23.5% RUS +12.1%
ESP +21.7% HKG +32.3%
DEU +3.5% TWN +35.7%
SGP -7.6% KOR +16.9%
AUT +22.9% UAE +10.7%
CZE +39.0% THA +5.4%
IRL +13.4% IDN +14.0%
PRT +39.3% KWT +3.6%
Premier Vision September 2017 Premier Tax Free | 09 Top 5 Visitor Nations Per Destination Country – Sept 2017
Market Avg. Transaction Year on Market Avg. Transaction Year on Share Values (ATV) Year Sales Share Values (ATV) Year Sales
CHINA 28% € 1,700 17% CHINA 31% € 358 13% USA 9% € 1,365 15% INDONESIA 15% € 318 -18% SAUDI ARABIA 8% € 1,801 25% INDIA 13% € 566 15% RUSSIA 6% € 1,643 4% VIETNAM 4% € 249 -27% FRANCE HONG KONG 5% € 4,436 -23% SINGAPORE BANGLADESH 4% € 687 13%
CHINA 27% € 395 -4% CHINA 27% € 557 48% SAUDI ARABIA 11% € 413 0% RUSSIA 8% € 449 20% KUWAIT 9% € 361 -7% SWITZERLAND 7% € 383 -17% UAE 6% € 589 -1% QATAR 6% € 764 -34% UK USA 6% € 342 -13% AUSTRIA TAIWAN 5% € 620 18%
CHINA 22% € 1,063 28% USA 39% € 100 -10% USA 13% € 1,123 28% CHINA 31% € 366 -4% RUSSIA 12% € 861 26% CANADA 5% € 89 2% SAUDI ARABIA 4% € 1,002 47% AUSTRALIA 4% € 132 -5% ITALY TAIWAN 4% € 1,235 -9% IRELAND UAE 2% € 192 64%
CHINA 19% € 615 40% CHINA 26% € 405 60% RUSSIA 13% € 352 25% RUSSIA 20% € 426 11% USA 7% € 567 28% TAIWAN 11% € 209 -4% ARGENTINA 6% € 249 29% SOUTH KOREA 6% € 194 74% SPAIN MOROCCO 5% € 285 28% CZECH REP. USA 5% € 466 26%
CHINA 34% € 569 -10% ANGOLA 26% € 373 9% RUSSIA 8% € 614 6% BRAZIL 23% € 405 57% KUWAIT 7% € 544 -27% CHINA 21% € 1,344 -8% UAE 7% € 682 3% RUSSIA 5% € 403 82% GERMANY SAUDI ARABIA 5% € 490 -1% PORTUGAL USA 3% € 603 3%
Premier Vision September 2017 Premier Tax Free | 10 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% € 1,687 21% CHINA 32% € 383 -7% HONG KONG 8% € 4,913 45% INDONESIA 16% € 337 -14% USA 8% € 1,318 21% INDIA 13% € 594 9% SOUTH KOREA 5% € 720 3% VIETNAM 5% € 409 30% FRANCE RUSSIA 6% € 1,559 1% SINGAPORE MALAYSIA 3% € 612 -22%
CHINA 26% € 407 27% CHINA 25% € 544 65% USA 7% € 402 19% RUSSIA 13% € 451 30% KUWAIT 6% € 364 5% SWITZERLAND 11% € 406 -2% UAE 5% € 610 14% TAIWAN 7% € 672 28% UK HONG KONG 4% € 374 23% AUSTRIA UKRAINE 4% € 545 11%
CHINA 27% € 1,053 34% RUSSIA 30% € 401 48% RUSSIA 12% € 843 29% CHINA 21% € 402 58% USA 11% € 1,118 29% TAIWAN 12% € 219 35% TAIWAN 5% € 1,215 18% SOUTH KOREA 6% € 205 84% ITALY SOUTH KOREA 3% € 852 39% CZECH REP. USA 5% € 526 15%
CHINA 27% € 657 41% CHINA 40% € 407 23% USA 8% € 655 21% USA 31% € 112 9% RUSSIA 8% € 383 21% AUSTRALIA 3% € 142 -4% ARGENTINA 5% € 253 33% CANADA 3% € 99 0% SPAIN MEXICO 4% € 377 19% IRELAND UAE 2% € 287 -3%
CHINA 35% € 580 0% CHINA 29% € 1,669 34% RUSSIA 11% € 554 13% BRAZIL 22% € 348 81% UAE 6% € 780 2% ANGOLA 21% € 370 31% THAILAND 4% € 992 12% RUSSIA 3% € 364 91% GERMANY TAIWAN 4% € 413 28% PORTUGAL USA 3% € 641 42%
Premier Vision September 2017 Premier Tax Free | 11 Currency vs Euro & GBP: Top Source Markets
Currency movements: Last 52 Weeks
CNY > EUR RUB > EUR CNY > GBP
8.1 75 9.1 8.0 9.0 7.9 8.9 70 7.8 8.8 7.7 8.7 7.6 65 8.6 7.5 8.5 7.4 8.4 60 7.3 8.3 7.2 8.2
7.1 55 8.1
USD > EUR HKD > EUR USD > GBP
1.22 9.6 1.38 1.20 9.4 1.34 1.18 9.2 1.32 1.16 1.14 9.0 1.30
1.12 8.8 1.28 1.10 8.6 1.26 1.08 8.4 1.24 1.06 1.04 8.2 1.22
1.02 8.0 1.20
Premier Vision September 2017 Premier Tax Free | 12 Arrivals Forecast
In partnership with Europe Overview UK OCT 16 – DEC 16 3.4% OCT 17 7.1% NOV 17 5.7% DEC 17 2.9% OCT 17 – DEC 17 5.1% Outlook
The number of arrivals to the main European destinations saw a 10% increase in September 2017, which FRANCE
represented a significant premium to the 2% increase in transactions in the month. Whilst this could OCT 16 – DEC 16 1.4% be in part attributed to a declining number of High Net Worth travellers, this is also likely symptomatic OCT 17 10.1% of a number of these arrivals entering into European destinations as part of the Golden Week holidays NOV 17 9.9% DEC 17 5.1% for Chinese tourists, and the harvest festival holidays for South Korean tourists. This would therefore OCT 17 – DEC 17 8.3% suggest there could be a recompensing factor in transaction gains in October.
However, with a 15% increase in arrival numbers resulting in only a 3% transaction growth to American GERMANY tourists, this is also likely reflective of the Dollar to Euro fluctuations seen in recent months. It likely this disparity will likely continue in the short term as continued uncertainty is likely to prevail in the near term, OCT 16 – DEC 16 0.5% OCT 17 6.7% with interest rate announcements in both the US and EU, and Quantitative Easing announcements in NOV 17 4.4% the EU, both likely to influence and see a continuation in the level of fluctuations. DEC 17 3.4% OCT 17 – DEC 17 5.0% Opportunity ITALY All major destinations markets are predicted to evidence gains in arrival numbers for the final quarter of 2017. However, it should be noted that whilst the outlook currently suggests that Spain will once OCT 16 – DEC 16 -2.3% again be the primary beneficiary of increasing tourist numbers, more recent booking data suggests OCT 17 12.7% NOV 17 9.7% that there has been a notable slowdown in the pattern of bookings, likely as a result of the recent terror DEC 17 6.4% attack in Barcelona and political upheaval in recent weeks. OCT 17 – DEC 17 10.2%
The outlook for Italy continues to remain extremely positive, with all major Tax Free shopping nationalities expected to see an increase in numbers visiting this destination. This will likely increase SPAIN as this destination stands out as the only major destination not to be afflicted by safety concerns, and OCT 16 – DEC 16 11.9% will likely result in increasing numbers diverting travel intentions to visit this nation. France is expected OCT 17 14.3% to continue to see a strong recovery in the final quarter, as increasing confidence to travel to this most NOV 17 15.3% DEC 17 5.6% visited nation for international shoppers, with an enduring desire of tourists to visit the city of lights OCT 17 – DEC 17 11.8% that is Paris.
Premier Vision September 2017 Premier Tax Free | 14 FRANCE 3 Month
RUSSIA HONG KONG CHINA
Arrivals Outlook OCT 16 – DEC 16 -4.6% OCT 16 – DEC 16 -5.6% OCT 16 – DEC 16 -2.5% OCT 17 25.0% OCT 17 10.0% OCT 17 20.0% NOV 17 20.0% NOV 17 10.3% NOV 17 10.0% DEC 17 30.0% DEC 17 5.0% DEC 17 0.0% S. KOREA OCT 17 – DEC 17 25.1% OCT 17 – DEC 17 8.3% OCT 17 – DEC 17 11.5% OCT 16 – DEC 16 1.5% OCT 17 37.6% NOV 17 29.1% USA DEC 17 3.1% OCT 17 – DEC 17 23.8% OCT 16 – DEC 16 -1.3% OCT 17 21.9% NOV 17 29.5% DEC 17 20.0% JAPAN OCT 17 – DEC 17 23.5% OCT 16 – DEC 16 -21.3% OCT 17 35.2% NOV 17 39.0% BRAZIL DEC 17 7.9% OCT 17 – DEC 17 26.9% OCT 16 – DEC 16 0.9% OCT 17 28.6% NOV 17 58.3% DEC 17 49.4% TAIWAN OCT 17 – DEC 17 43.3% OCT 16 – DEC 16 -11.6% OCT 17 43.9% NOV 17 14.5% KUWAIT DEC 17 -1.4% OCT 17 – DEC 17 22.5% OCT 16 – DEC 16 2.3% OCT 17 48.2% NOV 17 4.3% DEC 17 2.8% THAILAND OCT 17 – DEC 17 17.6% OCT 16 – DEC 16 0.3% OCT 17 -6.1% NOV 17 18.2% DEC 17 13.4% S.ARABIA QATAR UAE INDIA AUSTRALIA OCT 17 – DEC 17 6.6% OCT 16 – DEC 16 17.2% OCT 16 – DEC 16 5.9% OCT 16 – DEC 16 10.2% OCT 16 – DEC 16 6.7% OCT 16 – DEC 16 -9.8% OCT 17 10.0% OCT 17 5.8% OCT 17 -8.6% OCT 17 12.1% OCT 17 16.5% NOV 17 -25.0% NOV 17 -14.1% NOV 17 -1.6% NOV 17 -8.7% NOV 17 30.3% DEC 17 -5.0% DEC 17 -11.4% DEC 17 -1.8% DEC 17 6.1% DEC 17 40.8% OCT 17 – DEC 17 -7.9% OCT 17 – DEC 17 -7.7% OCT 17 – DEC 17 -4.0% OCT 17 – DEC 17 4.3% OCT 17 – DEC 17 29.9%
Premier Vision September 2017 Premier Tax Free | 15 UK 3 Month
RUSSIA HONG KONG CHINA
Arrivals Outlook OCT 16 – DEC 16 1.4% OCT 16 – DEC 16 15.9% OCT 16 – DEC 16 15.4% OCT 17 3.3% OCT 17 -3.5% OCT 17 5.8% NOV 17 -1.7% NOV 17 8.9% NOV 17 10.0% DEC 17 19.9% DEC 17 -6.3% DEC 17 0.0% S. KOREA OCT 17 – DEC 17 6.6% OCT 17 – DEC 17 -1.3% OCT 17 – DEC 17 4.8% OCT 16 – DEC 16 8.8% OCT 17 48.0% NOV 17 29.2% USA DEC 17 4.9% OCT 17 – DEC 17 26.1% OCT 16 – DEC 16 7.6% OCT 17 8.4% NOV 17 5.6% DEC 17 0.0% JAPAN OCT 17 – DEC 17 4.5% OCT 16 – DEC 16 -6.1% OCT 17 5.1% NOV 17 7.9% BRAZIL DEC 17 1.3% OCT 17 – DEC 17 4.7% OCT 16 – DEC 16 8.5% OCT 17 12.6% NOV 17 30.5% DEC 17 14.1% TAIWAN OCT 17 – DEC 17 17.7% OCT 16 – DEC 16 4.8% OCT 17 39.0% NOV 17 -0.1% KUWAIT DEC 17 35.9% OCT 17 – DEC 17 26.4% OCT 16 – DEC 16 23.5% OCT 17 18.0% NOV 17 30.0% DEC 17 22.0% THAILAND OCT 17 – DEC 17 22.8% OCT 16 – DEC 16 5.5% OCT 17 -2.3% NOV 17 17.8% DEC 17 4.1% S.ARABIA QATAR UAE INDIA AUSTRALIA OCT 17 – DEC 17 4.8% OCT 16 – DEC 16 18.2% OCT 16 – DEC 16 -1.3% OCT 16 – DEC 16 1.5% OCT 16 – DEC 16 6.6% OCT 16 – DEC 16 4.8% OCT 17 5.0% OCT 17 -10.4% OCT 17 2.0% OCT 17 -5.2% OCT 17 29.7% NOV 17 -40.0% NOV 17 -21.3% NOV 17 -10.0% NOV 17 -12.0% NOV 17 36.6% DEC 17 2.0% DEC 17 -10.5% DEC 17 -5.0% DEC 17 -1.8% DEC 17 31.3% OCT 17 – DEC 17 -13.7% OCT 17 – DEC 17 -13.2% OCT 17 – DEC 17 -4.8% OCT 17 – DEC 17 -6.4% OCT 17 – DEC 17 32.0%
Premier Vision September 2017 Premier Tax Free | 16 ITALY 3 Month
RUSSIA HONG KONG CHINA
Arrivals Outlook OCT 16 – DEC 16 -7.8% OCT 16 – DEC 16 -16.8% OCT 16 – DEC 16 -8.5% OCT 17 12.0% OCT 17 15.0% OCT 17 31.0% NOV 17 3.0% NOV 17 -17.4% NOV 17 0.0% DEC 17 30.0% DEC 17 2.2% DEC 17 5.0% S. KOREA OCT 17 – DEC 17 14.5% OCT 17 – DEC 17 1.9% OCT 17 – DEC 17 15.2% OCT 16 – DEC 16 -7.0% OCT 17 54.8% NOV 17 38.9% USA DEC 17 14.6% OCT 17 – DEC 17 39.1% OCT 16 – DEC 16 -0.9% OCT 17 20.8% NOV 17 33.6% DEC 17 14.2% JAPAN OCT 17 – DEC 17 22.7% OCT 16 – DEC 16 -13.3% OCT 17 7.2% NOV 17 14.4% BRAZIL DEC 17 3.9% OCT 17 – DEC 17 8.7% OCT 16 – DEC 16 6.2% OCT 17 4.5% NOV 17 -1.5% DEC 17 14.3% TAIWAN OCT 17 – DEC 17 5.6% OCT 16 – DEC 16 -32.7% OCT 17 55.2% NOV 17 33.2% KUWAIT DEC 17 -5.0% OCT 17 – DEC 17 35.4% OCT 16 – DEC 16 -14.0% OCT 17 24.6% NOV 17 -2.3% DEC 17 -6.6% THAILAND OCT 17 – DEC 17 6.0% OCT 16 – DEC 16 -24.0% OCT 17 10.3% NOV 17 -2.4% DEC 17 -6.7% S.ARABIA QATAR UAE INDIA AUSTRALIA OCT 17 – DEC 17 1.5% OCT 16 – DEC 16 -5.2% OCT 16 – DEC 16 10.3% OCT 16 – DEC 16 -5.2% OCT 16 – DEC 16 -20.6% OCT 16 – DEC 16 9.6% OCT 17 4.8% OCT 17 -1.0% OCT 17 -1.7% OCT 17 9.4% OCT 17 38.6% NOV 17 -27.9% NOV 17 -42.7% NOV 17 -16.7% NOV 17 -3.3% NOV 17 41.5% DEC 17 2.3% DEC 17 -23.5% DEC 17 -11.7% DEC 17 25.0% DEC 17 31.5% OCT 17 – DEC 17 -7.9% OCT 17 – DEC 17 -25.1% OCT 17 – DEC 17 -9.9% OCT 17 – DEC 17 8.7% OCT 17 – DEC 17 36.6%
Premier Vision September 2017 Premier Tax Free | 17 SPAIN 3 Month
RUSSIA HONG KONG CHINA
Arrivals Outlook OCT 16 – DEC 16 1.8% OCT 16 – DEC 16 5.1% OCT 16 – DEC 16 19.2% OCT 17 9.0% OCT 17 52.0% OCT 17 13.0% NOV 17 9.0% NOV 17 65.2% NOV 17 8.7% DEC 17 25.0% DEC 17 68.1% DEC 17 0.8% S. KOREA OCT 17 – DEC 17 13.8% OCT 17 – DEC 17 60.2% OCT 17 – DEC 17 8.6% OCT 16 – DEC 16 17.0% OCT 17 38.7% NOV 17 29.2% USA DEC 17 5.5% OCT 17 – DEC 17 25.4% OCT 16 – DEC 16 4.7% OCT 17 19.7% NOV 17 43.4% DEC 17 14.0% JAPAN OCT 17 – DEC 17 23.8% OCT 16 – DEC 16 -18.4% OCT 17 9.5% NOV 17 7.1% BRAZIL DEC 17 -5.5% OCT 17 – DEC 17 4.4% OCT 16 – DEC 16 20.2% OCT 17 3.6% NOV 17 15.1% DEC 17 14.4% TAIWAN OCT 17 – DEC 17 10.3% OCT 16 – DEC 16 -6.9% OCT 17 18.0% NOV 17 17.3% KUWAIT DEC 17 -9.5% OCT 17 – DEC 17 12.1% OCT 16 – DEC 16 -8.5% OCT 17 7.5% NOV 17 -5.3% DEC 17 -18.3% THAILAND OCT 17 – DEC 17 -7.5% OCT 16 – DEC 16 -4.1% OCT 17 37.9% NOV 17 28.3% DEC 17 24.3% S.ARABIA QATAR UAE INDIA AUSTRALIA OCT 17 – DEC 17 31.0% OCT 16 – DEC 16 9.3% OCT 16 – DEC 16 20.6% OCT 16 – DEC 16 5.3% OCT 16 – DEC 16 11.0% OCT 16 – DEC 16 18.3% OCT 17 -6.9% OCT 17 -14.0% OCT 17 -4.3% OCT 17 -3.2% OCT 17 40.5% NOV 17 -33.7% NOV 17 -55.2% NOV 17 -6.2% NOV 17 10.2% NOV 17 30.4% DEC 17 -12.7% DEC 17 -21.7% DEC 17 -11.5% DEC 17 -3.0% DEC 17 42.2% OCT 17 – DEC 17 -19.1% OCT 17 – DEC 17 -30.8% OCT 17 – DEC 17 -7.8% OCT 17 – DEC 17 0.5% OCT 17 – DEC 17 39.0%
Premier Vision September 2017 Premier Tax Free | 18 GERMANY 3 Month
RUSSIA HONG KONG CHINA
Arrivals Outlook OCT 16 – DEC 16 -18.2% OCT 16 – DEC 16 6.4% OCT 16 – DEC 16 11.5% OCT 17 6.2% OCT 17 3.6% OCT 17 20.0% NOV 17 20.0% NOV 17 0.9% NOV 17 8.0% DEC 17 3.7% DEC 17 8.6% DEC 17 5.0% S. KOREA OCT 17 – DEC 17 9.5% OCT 17 – DEC 17 3.8% OCT 17 – DEC 17 12.3% OCT 16 – DEC 16 2.7% OCT 17 46.5% NOV 17 38.0% USA DEC 17 14.8% OCT 17 – DEC 17 35.8% OCT 16 – DEC 16 2.9% OCT 17 5.5% NOV 17 9.9% DEC 17 5.7% JAPAN OCT 17 – DEC 17 6.9% OCT 16 – DEC 16 -16.2% OCT 17 10.5% NOV 17 30.9% BRAZIL DEC 17 17.7% OCT 17 – DEC 17 19.3% OCT 16 – DEC 16 12.0% OCT 17 0.6% NOV 17 14.6% DEC 17 -0.9% TAIWAN OCT 17 – DEC 17 3.6% OCT 16 – DEC 16 24.1% OCT 17 10.4% NOV 17 -3.1% KUWAIT DEC 17 -2.2% OCT 17 – DEC 17 3.1% OCT 16 – DEC 16 -28.7% OCT 17 13.4% NOV 17 -2.2% DEC 17 -3.4% THAILAND OCT 17 – DEC 17 3.7% OCT 16 – DEC 16 -5.7% OCT 17 19.5% NOV 17 34.5% DEC 17 16.2% S.ARABIA QATAR UAE INDIA AUSTRALIA OCT 17 – DEC 17 22.2% OCT 16 – DEC 16 -10.6% OCT 16 – DEC 16 -20.1% OCT 16 – DEC 16 -7.7% OCT 16 – DEC 16 15.4% OCT 16 – DEC 16 8.2% OCT 17 -6.9% OCT 17 -17.0% OCT 17 4.0% OCT 17 11.2% OCT 17 15.7% NOV 17 -22.6% NOV 17 -26.1% NOV 17 5.0% NOV 17 -7.4% NOV 17 27.6% DEC 17 -6.1% DEC 17 -16.8% DEC 17 2.0% DEC 17 -5.5% DEC 17 38.6% OCT 17 – DEC 17 -12.6% OCT 17 – DEC 17 -19.7% OCT 17 – DEC 17 3.7% OCT 17 – DEC 17 1.5% OCT 17 – DEC 17 29.7%
Premier Vision September 2017 Premier Tax Free | 19 SINGAPORE 3 Month
RUSSIA HONG KONG CHINA
Arrivals Outlook OCT 16 – DEC 16 32.7% OCT 16 – DEC 16 -17.6% OCT 16 – DEC 16 -10.1% OCT 17 -16.9% OCT 17 -6.2% OCT 17 30.0% NOV 17 3.6% NOV 17 4.7% NOV 17 15.0% DEC 17 19.9% DEC 17 3.7% DEC 17 20.0% S. KOREA OCT 17 – DEC 17 2.5% OCT 17 – DEC 17 0.4% OCT 17 – DEC 17 21.7% OCT 16 – DEC 16 -4.1% OCT 17 51.8% NOV 17 53.5% USA DEC 17 26.9% OCT 17 – DEC 17 44.0% OCT 16 – DEC 16 8.8% OCT 17 -1.9% NOV 17 24.3% DEC 17 11.2% JAPAN OCT 17 – DEC 17 11.4% OCT 16 – DEC 16 -3.7% OCT 17 15.1% NOV 17 27.7% BRAZIL DEC 17 7.3% OCT 17 – DEC 17 16.6% OCT 16 – DEC 16 -3.9% OCT 17 27.4% NOV 17 61.3% DEC 17 8.4% TAIWAN OCT 17 – DEC 17 29.6% OCT 16 – DEC 16 -3.5% OCT 17 27.0% NOV 17 14.3% KUWAIT DEC 17 -0.1% OCT 17 – DEC 17 13.4% OCT 16 – DEC 16 -15.3% OCT 17 -4.2% NOV 17 -23.7% DEC 17 -1.5% THAILAND OCT 17 – DEC 17 -8.4% OCT 16 – DEC 16 -6.2% OCT 17 18.1% NOV 17 16.1% DEC 17 0.1% S.ARABIA QATAR UAE INDIA AUSTRALIA OCT 17 – DEC 17 11.6% OCT 16 – DEC 16 -13.3% OCT 16 – DEC 16 -32.8% OCT 16 – DEC 16 -8.6% OCT 16 – DEC 16 5.9% OCT 16 – DEC 16 0.2% OCT 17 -13.8% OCT 17 -23.3% OCT 17 -9.9% OCT 17 20.0% OCT 17 18.6% NOV 17 -35.1% NOV 17 1.9% NOV 17 -6.9% NOV 17 -10.0% NOV 17 33.0% DEC 17 3.2% DEC 17 -14.5% DEC 17 -0.2% DEC 17 10.0% DEC 17 33.0% OCT 17 – DEC 17 -17.3% OCT 17 – DEC 17 -12.4% OCT 17 – DEC 17 -5.1% OCT 17 – DEC 17 7.5% OCT 17 – DEC 17 27.9%
Premier Vision September 2017 Premier Tax Free | 20 Part of the Fintrax Group
Fintrax Group Holdings Headquartered in Galway, Ireland Email: [email protected] | Web: premiertaxfree.com/business
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