Global Blue has released its customary annual analysis of the European Tax-Free Shopping market, which shows that the Tax-Free Shopping sector found positive growth of 5% in 2025 versus 2024, with watchmaking and jewelery (W&J) the categories that recorded the most significant increase in spending, up 14%. Watchmaking is the real driver of the market. Across Europe, it recorded a 20% increase in Tax Free spending, underpinned by a 15% rise in average spend per shopper, reaching €7,100.

In Italy, spending in the segment is up 18%, driven mainly by a broader shopper base (up 13%), with average spend of €8,200 (up 4%). Leading this expansion are U.S. shoppers, who contribute 26% of total spending (33% in Italy), Middle Eastern shoppers, whose spending has increased 34% (up 43% in Italy), and Latin Americans, up 31%. In addition, 44% of spending on watches is directed towards 'exclusive' products, those priced above €35,000. This segment shows the largest increase in both shoppers (up 24%) and spending (up 36%). Among buyers of 'exclusive' watches, 85% opt to purchase a single item.