Tax-free: Europe is holding up thanks to the ultra-rich. Focus on the US and Latin America
50 per cent of tax-free spending is accounted for by 7 per cent of shoppers, comprising the ultra-wealthy (1 per cent, spending over 70,000 euros a year), who account for 27 per cent of spending, and the super-wealthy (6 per cent, spending between 20,000 and 70,000 euros). Chinese and Middle Eastern consumers returned to Italy this autumn
Key points
2026 began under the weight of the geopolitical shock following the war between the US, Israel and Iran, which also drew in the UAE and Saudi Arabia and put a brake on visitor numbers and spending from the East, particularly from wealthy Gulf tourists. However, a recovery has been underway since May which, according to figures released at Global Blue’s Luxury Shopping Insights 2026, has nevertheless seen the number of tax-free shoppers in Europe rise by 7 per cent compared with the first half of 2025, whilst spending volumes fell slightly (-2 per cent). Global spending, on the other hand, rose by 5 per cent thanks to the Asia-Pacific markets, where local shopping activity was concentrated.
Autumn – despite all the uncertainties involved, including the protests that are rocking European cities, including Milan, with outbreaks of street violence – could bring further positive developments. In Italia, there is certainly a return of tourists from the Middle East and China: “In September and October, visitor numbers from the Gulf returned to positive territory and China’s Golden Week went very well,” explains Stefano Rizzi, managing director for Italy at Global Blue, “with a 43 per cent increase in shoppers and a 40 per cent rise in spending compared with the same period in 2025.”
Americans top the spending charts and are growing fastest in Italia
At European level, Americans lead the way in terms of spending, currently accounting for around a quarter (24 per cent) of the total, and during the period analysed by Global Blue, their spending rose by 11 per cent. In Italia, this nationality performed even better: the proportion of shoppers holding a blue passport stands at 28 per cent, and in the first half of the year, Americans recorded a 21 per cent increase in spending.
This is down to travel (and spending) in destinations such as Taormina (+56 per cent), Capri (+24 per cent) and the boost provided by the Milan-Cortina Olympics (+114 per cent). The real boost to spending, however, comes from the top of the pyramid: in Europe as a whole, 50 per cent of tax-free spending is accounted for by 7 per cent of shoppers, comprising the ultra-wealthy (1 per cent, spending over 70,000 euros a year), who account for 27 per cent of spending, and the super-wealthy (6 per cent, spending between 20,000 and 70,000 euros).
Italia alone attracts 37 per cent of the ultra-wealthy arriving in Europe, but does not ‘capitalise’ on this as much as other countries: over the six-month period, their purchases rose by 2 per cent, compared with 5 per cent across the EU.
