Premier Vision - Premier Tax Free · PDF fileFeature: 2017 Evidences a Resurgence in Tourism to Italy 07 Tax Free Sales by Destination and Source 08 ... and with the exception of Germany,

Premier VisionApril 2017

Contents

Tax Free Trends

Summary 03

Tax Free Sales Trends 05

Feature: 2017 Evidences a Resurgence

in Tourism to Italy 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 Tax Free | 02 Premier Vision April 2017

Top 5 Destination Markets Top 5 Source Markets

Tax Free Sales Turnover


Vouchers/ Transaction


Avg. Transaction Values (ATV)


Arrivals Arrivals

FRA CHN

GBR RUS

ITA

HKGESP

USA

DEU TWN

+7%

+36%

+31%

+18%

-1%

+37%

+23%

+16%

+32%

+12%

-3%

+33%

+33%

+8%

-1%

+24%

+9%

+44%

+22%

+13%

+11%

+3%

-1%

+10%

+0%

+10%

+14%

-19%

+9%

-0%

+19%

+18%

+13%

+27%

-9%

+2%

+19%

+23%

+28%

+0%

Premier Vision April 2017 Premier Tax Free | 03

Shopping & Arrivals Growth Summary – April 2017

+17%Total Sales

+15%Total Vouchers

+2%Total ATV

+13%Total Arrivals

Premier Tax Free | 04 Premier Vision April 2017

Shopping & Arrivals Growth Summary – Year to Date

Top 5 Destination Markets Top 5 Source Markets







Arrivals Arrivals

FRA CHN

GBR

ITA

HKGESP

DEU TWN

+19%

+34%

+27%

+20%

+5%

+31%

+12%

+28%

+64%

+53%

+2%

+29%

+29%

+10%

+1%

+23%

+40%

+16%

+29%

+42%

+16%

+4%

-2%

+9%

+4%

+7%

-20%

+11%

+27%

+8%

+15%

+13%

+9%

+19%

+2%

+14%

+15%

+11%

+19%

+4%

+20%Total Sales

+15%Total Vouchers

+5%Total ATV

+12%Total Arrivals

RUS

USA

Overview

Tax Free Shopping sales continued to see strong gains

in April, albeit at a marginally lower pace than seen since

the start of 2017, with sales of growth 17% comparing

to the 20% increase in sales seen throughout the first

quarter of 2017. Whilst the transaction growth of 15%

was comparable to rates of growth seen in Q1 of 2017,

the 2% increase in Average Transaction Values was

modestly lower than the 6% growth in the first quarter.

On year to date basis, sales have increased by 20%,

and with the exception of Germany, the most prominent

European destinations have all experienced double-

digit gains. Italy has continued to see a strong rebound

in 2017, with 27% growth on a year to date basis: see

featured article on page 7 for more details.

Premier Vision April 2017

Tax Free Sales: Overview & Source Market Trends – April 2017

Chinese tourist spend evidences highest rate of growth in Europe since July 2015

Growth in spend of 37% by Chinese tourists in April,

not only surpassed the rates of growth seen in the first

quarter of 2017, but also represented the highest gains

seen since Jul-15.

The inhibiting factors that affected Chinese tourism to

European destinations in 2016, such as biometrics and

safety concerns, have to a degree dissipated in 2017 and

since unleashed a new wave of tourism and spending by

these tourists. With the exception of Germany, the main

European destinations continued their resurgence, with

alternative destinations continuing to gain popularity,

with gains of 60% in April.

Whilst a proportion of tourists will likely have diverted

travel intentions amid hostilities with South Korea,

a recent report by BNP Paribas highlights the price

differential of luxury goods, serving as a reminder as to

why Bain & Co. once labelled Europe, “the world’s largest

in-season outlet”. The report highlights that luxury goods

in China cost about 21% more than the global average,

whilst in France and Italy they cost about 22% less,

predominantly due to Chinese taxes and duties, foreign

exchange rates, and distribution costs for brands in China.

June arrival numbers for end of Ramadan to provide early summer boost for retailers

The timing of the end of Ramadan celebrations on

24th June this year, versus 5th July in 2016, is forecast

to provide a significant boost to arrival numbers in

June, with a 45% increase in tourists from the Gulf

Co-Operation Council (GCC) nations.

Relative to other tax free shopping nationalities, sales

to these tourists have seen a relatively modest increase

of 5% in the first four months of 2017, as despite

the recovery in oil prices, the economies of these

nations continue to adjust to cuts in expenditure, and

investments to diversify the drivers of these economies

away from the dependence on oil, resulting in relatively

tepid economic growth.

However, the summer of 2017 is set to evidence an early

boost for the main European destination markets, with

70%+ gains predicted in tourists from Saudi Arabia and

Kuwait, whilst Qatari and Emirati tourists are predicted

to see gains of 41% and 24%, respectively. All major

European destinations are set to benefit from these

increases, and as the most popular destination choices,

France and the UK are predicted to see gains of 46%

and 42%, respectively.

Premier Tax Free | 05

UK resilient post Westminster attack, France attack provides a moderate setback

Following the Westminster attack in March, the UK

defied the aversion for travel and tourism to terror hit

destinations, where concerns for safety continue to be

usurped by the price arbitrage opportunity presented by

the devaluation of Sterling. This is further underscored

by the predicted double-digit gains in arrival numbers

expected in May and June, moderately tempered by

projected gains of 9% in July 2017.

Conversely, the attack on the Champs Elysees on 20th

April, amid already heightened security ahead of the

Presidential elections, provided a moderate setback to

sales in France in April with growth of 7%, following the

20%+ gains seen in the first quarter of 2017.

Whilst the short term outlook for arrivals in May and June

have been moderated to gains of 6% and 7%, respectively,

this nevertheless points to a resilience in the continued

recovery for travel and tourism to France, which will likely

be further aided by both the ending and outcome of the

Presidential elections, pointing to a period of relative

stability. Furthermore, early indications suggest that

whilst sales on the Champs-Elysees were immediately

impacted, the following week saw a strong rebound.


Russian tourism rebound gathers pace despite Average Transaction Value (ATV) declines

Sales to Russian tourists experienced growth of 16%

in April, despite a 44% increase in transactions in

the month, with this rate of growth in transactions

having now been sustained for the last three

consecutive months.

This distortion between sales and transaction growth

was a result of a 20% decline in Average Transaction

Values by these tourists, predominantly attributable

to declines in France, but also seen across a number

of destination markets, however the prominence

of this destination is highlighted by the fact that

excluding France, sales to Russian tourists saw

growth of 36% in April.

Tax Free Sales: Destination Market Trends – April 2017

The first quarter of 2017 saw the Russian economy

officially exit the recessionary period it had occupied

for the previous two years, and whilst the economy is

predicted to continue to recover, the rate of growth is

expected to be modest. Nevertheless, coupled with the

current rate of growth in Tax Free shopping transactions,

continued expansion of the Russian economy will likely

continue to increase the purchasing power

of these tourists throughout 2017.

Following significant gains in arrival numbers in 2015, partly attributable to the Expo Milano, and therefore due to the inherently strong growth compares, arrivals to Italy in 2016 saw a modest decline.

Consequently, whilst arrivals to Italy in 2017 have

evidenced strong gains, Tax Free Shopping sales have

seen a disproportionately higher increase in sales,

with increasing numbers of Chinese and Russian

tourists opting to travel to Italy, resulting in the 31%

growth in sales in April 2017 representing the highest

gains since Sep-15.

Feature: 2017 Evidences a Resurgence in Tourism to Italy

The 16% increase in Chinese tourist arrivals to Italy

in April 2017 was not only commensurate with a 57%

increase in sales to these tourists, but also represented

the highest rate of growth of these tourists among the

main European destination markets in April. Furthermore,

as one of the first destinations to witness a resurgence in

Russian tourist spend in 2016, and with Italy representing

the second most important destination for these tourists

for Tax Free shopping, it has also benefitted from a 44%

increase in sales to these tourists on a year to date

basis. The current outlook suggests the rate of growth in

Chinese tourist arrivals will be moderately lower from May

through to July, however arrivals of Russian, American

Taiwanese and Japanese arrivals are all predicted to

experience double-digit gains.


MILAN

VENICE

FLORENCE

ROME

45%8%

12%

22%

YOY Growth for Main Cities (2017 YTD)

Sales Market Share(2017 YTD)

YOY Sales Growth(2017 YTD)

28%

27%

23%

12%

ROME

MILAN

FLORENCE

VENICE

Top Source MarketsSales Market share by City (2017 YTD)

29%

14%

7%

6%

3%

3%

3%

2%

2%

2%

39%

44%

31%

21%

11%

35%

-9%

-10%

69%

-1%

CHN

RUS

JPN

THA

HKG

IDN

UAE

USA

TWN

KOR

By Destination By Source Market

7.0%

36.3%

31.4%

18.3%

-1.1%

-4.7%

21.7%

38.1%

41.9%

58.2%

37.2%

23.2%

16.1%

32.4%

12.3%

29.3%

2.2%

12.0%

36.8%

12.5%

FRA

GBR

ITA

ESP

SGP

DEU

AUT

PRT

CZE

IRL


Sales Performance – April 2017

CHN

USA

THA

TWN

UAE

KOR

SAU

IDN

HKG

RUS

By Destination By Source Market

18.7%

34.3%

26.6%

20.2%

-8.5%

4.9%

20.5%

44.9%

38.2%

34.4%

31.0%

12.3%

28.1%

63.8%

53.1%

14.9%

15.1%

15.1%

21.8%

12.5%

FRA CHN

GBR RUS

ITA

ESP

SGP TWN

DEU

AUT UAE

PRT

CZE

IRL KUW

HKG

USA


Sales Performance – Year to Date

KOR

THA

IDN

CHINA 32% €1,981 31%

HONG KONG 9% €5,398 38%

USA 8% €1,327 18%

SOUTH KOREA 6% €725 -4%

RUSSIA 5% €1,363 -18%

CHINA 29% €385 1%

INDONESIA 17% €332 -15%

INDIA 14% €624 8%

MALAYSIA 4% €786 11%

PHILIPPINES 4% €274 5%

CHINA 19% €476 87%

UAE 8% €656 23%

SAUDI ARABIA 8% €493 89%

USA 7% €442 35%

KUWAIT 7% €400 6%

CHINA 20% €616 80%

SWITZERLAND 14% €453 4%

RUSSIA 14% €464 38%

THAILAND 9% €852 20%

TAIWAN 9% €776 45%

CHINA 30% €1,123 57%

RUSSIA 11% €949 36%

USA 8% €1,158 39%

TAIWAN 6% €1,218 43%

THAILAND 4% €1,331 -25%

RUSSIA 36% €346 73%

TAIWAN 16% €228 22%

CHINA 15% €449 33%

SOUTH KOREA 5% €212 32%

USA 3% €549 -4%

CHINA 25% €703 31%

USA 8% €673 21%

RUSSIA 6% €439 30%

ARGENTINA 5% €252 5%

UAE 4% €626 8%

CHINA 38% €437 103%

USA 31% €110 13%

UAE 4% €543 50%

CANADA 3% €111 6%

AUSTRALIA 3% €143 -23%

CHINA 32% €601 -3%

RUSSIA 11% €556 4%

THAILAND 9% €1,003 39%

UAE 8% €720 -10%

TAIWAN 4% €375 53%

CHINA 30% €2,031 79%

ANGOLA 24% €412 27%

BRAZIL 21% €309 158%

MOZAMBIQUE 3% €442 122%

HONG KONG 3% €5,824 2,142%

Market Share

Market Share



Year on Year Sales

Year on Year Sales


FRANCE SINGAPORE

UK AUSTRIA

ITALY CZECH REP.

SPAIN IRELAND

GERMANY PORTUGAL

Top 5 Visitor Nations Per Destination Country – April 2017


Top 5 Visitor Nations Per Destination Country – YTD

CHINA 30% €1,789 29%

HONG KONG 10% €5,582 89%

USA 7% €1,304 21%

RUSSIA 6% €1,566 -3%

SOUTH KOREA 5% €760 -1%

CHINA 31% €599 0%

RUSSIA 14% €540 20%

THAILAND 6% €1,072 31%

UAE 5% €742 -12%

TAIWAN 4% €421 38%

CHINA 24% €457 61%

KUWAIT 7% €390 19%

USA 7% €502 48%

UAE 6% €705 31%

HONG KONG 4% €414 69%

RUSSIA 20% €465 32%

CHINA 17% €583 77%

SWITZERLAND 14% €418 4%

TAIWAN 7% €727 23%

UKRAINE 6% €581 4%

CHINA 29% €1,701 39%

RUSSIA 14% €907 44%

USA 7% €1,158 31%

TAIWAN 6% €1,191 21%

JAPAN 3% €875 11%

CHINA 28% €1,673 21%

BRAZIL 24% €359 129%

ANGOLA 23% €391 34%

RUSSIA 3% €342 125%

HONG KONG 2% €3,776 287%

CHINA 29% €679 33%

USA 7% €737 29%

RUSSIA 7% €444 26%

ARGENTINA 4% €254 31%

MOROCCO 3% €311 -2%

RUSSIA 39% €389 63%

CHINA 15% €426 50%

TAIWAN 14% €224 35%

SOUTH KOREA 4% €209 33%

UKRAINE 4% €602 41%

CHINA 34% €438 -4%

INDONESIA 16% €346 -11%

INDIA 11% €611 -5%

VIETNAM 5% €436 27%

MALAYSIA 3% €631 -22%

CHINA 47% €416 68%

USA 22% €128 11%

AUSTRALIA 3% €171 5%

CANADA 2% €130 17%

MALAYSIA 2% €270 25%

Market Share

Market Share



Year on Year Sales

Year on Year Sales

FRANCE GERMANY

UK AUSTRIA

ITALY PORTUGAL

SPAIN CZECH REP.

SINGAPORE IRELAND

Currency movements: Last 52 Weeks

7.6

7.5

7.4

7.3

7.2

7.1

7.0

9.8

9.6

9.4

9.2

9.0

8.8

8.6

8.4

8.2

8.0

80

75

70

65

60

55

1.16

1.14

1.12

1.10

1.08

1.06

1.04

1.02

1.50

1.45

1.40

1.35

1.30

1.25

1.20

8.9

8.8

8.7

8.6

8.5

8.4

8.3

8.2

8.1

8.0

USD > EUR USD > GBP

CNY > EUR CNY > GBPRUB > EUR

HKD > EUR


Currency vs Euro & GBP: Top Source Markets

Arrivals Forecast In partnership with

UK

FRANCE

GERMANY

ITALY

SPAIN


Europe Overview

Outlook

The projected 9% increase in arrival numbers to the main European destinations between

May and July 2017, continues to provide a cautiously optimistic outlook. Spain and the UK are

predicted to continue to be the primary beneficiaries over the course of the next three months,

with growth of 14% and 11%, respectively, followed closely by predicted gains of 9% to Italy.

Forecasted arrivals to Germany indicate a degree of confidence returning to this destination,

and whilst France is modestly impacted by the recent attack on the Champs Elysees, the

conclusion and outcome of the Presidential election should serve to provide a degree of stability.

The main European destination markets witnessed arrival gains across the majority of source

markets in April, with tourists from Hong Kong and Saudi Arabia evidencing the most significant

growth, both experiencing an increase of 28%, followed by impressive gains in American tourists

of 23%. The increase in Saudi tourists in April was attributable to the timing of the mid-semester

break versus the prior year.

Opportunity

Arrival numbers are predicted to increase by 11% in May, with all major source markets expected

to provide double-digit gains, with the exception of the Gulf Co-Operation Council (GCC)

members, with the onset of Ramadan from the 26th May and the tradition of fasting, suggesting

an 18% decline during this period. However, the end of Ramadan on 24th June is predicted

to result in a 45% increase in arrival numbers in June, with all destination markets forecast to

experience a 40%+ increase. The timing of the end of Ramadan on 5th July in 2016 correlates to

a 14% decline in GCC arrival numbers in July 2017, and accounting for this variation in the

timing, over the course of June and July, arrival numbers from GCC nations are predicted to see

a 2% increase. The BRIC nations are forecast to continue to provide significant opportunity over

the course of the next three months, attributable to predicted gains of 21% and 30% in Russian

and Brazilian tourists, respectively. American and Japanese tourists are also predicted to see

strong gains, with a 17% increase in both nationalities.

MAY 16 – JUL 16 -1.4%

MAY 17 +12.9%JUN 17 +13.0%JUL 17 +8.7%

MAY 17 – JUL 17 +11.3%

MAY 16 – JUL 16 -7.1%

MAY 17 +5.9%JUN 17 +7.2%JUL 17 +4.1%

MAY 17 – JUL 17 +5.7%

MAY 16 – JUL 16 -4.7%

MAY 17 +13.9%JUN 17 +2.7%JUL 17 +2.3%

MAY 17 – JUL 17 +5.9%

MAY 16 – JUL 16 -2.4%

MAY 17 +8.1%JUN 17 +10.5%JUL 17 +8.1%

MAY 17 – JUL 17 +8.9%

MAY 16 – JUL 16 +8.5%

MAY 17 +18.8%JUN 17 +15.1%JUL 17 +8.6%

MAY 17 – JUL 17 +13.9%

FRANCE

S. KOREA

USA

RUSSIA HONG KONG CHINA

JAPAN

TAIWAN

INDIA AUSTRALIAUAEQATARS.ARABIA

BRAZIL

KUWAIT

THAILAND

3 Month Arrivals Outlook


MAY 16 – JUL 16 -22.7%

MAY 17 +39.2%JUN 17 +0.8%JUL 17 +16.9%

MAY 17 – JUL 17 +16.7%

MAY 16 – JUL 16 -20.9%

MAY 17 +19.8%JUN 17 -9.8%JUL 17 +0.2%

MAY 17 – JUL 17 +1.0%

MAY 16 – JUL 16 -18.2%

MAY 17 +9.4%JUN 17 -5.9%JUL 17 +2.0%

MAY 17 – JUL 17 +1.1%

MAY 16 – JUL 16 -10.2%

MAY 17 -2.4%JUN 17 -7.9%JUL 17 -0.0%

MAY 17 – JUL 17 -3.8%

MAY 16 – JUL 16 +2.1%

MAY 17 +13.9%JUN 17 +6.6%JUL 17 -3.4%

MAY 17 – JUL 17 +7.8%

MAY 16 – JUL 16 -10.5%

MAY 17 -0.2%JUN 17 +21.7%JUL 17 -10.3%

MAY 17 – JUL 17 +1.0%

MAY 16 – JUL 16 -23.8%

MAY 17 -18.3%JUN 17 +38.2%JUL 17 -13.1%

MAY 17 – JUL 17 -2.6%

MAY 16 – JUL 16 -16.0%

MAY 17 -30.9%JUN 17 +93.1%JUL 17 -12.1%

MAY 17 – JUL 17 -3.5%

MAY 16 – JUL 16 -8.7%

MAY 17 +24.3%JUN 17 -0.5%JUL 17 -5.1%

MAY 17 – JUL 17 +4.7%

MAY 16 – JUL 16 -30.9%

MAY 17 +25.7%JUN 17 +31.8%JUL 17 +26.8%

MAY 17 – JUL 17 +28.3%

MAY 16 – JUL 16 -27.2%

MAY 17 +29.6%JUN 17 +1.2%JUL 17 +13.7%

MAY 17 – JUL 17 +12.6%

MAY 16 – JUL 16 -2.8%

MAY 17 -6.7%JUN 17 -6.3%JUL 17 -3.4%

MAY 17 – JUL 17 -5.4%

MAY 16 – JUL 16 -11.7%

MAY 17 -25.4%JUN 17 +66.3%JUL 17 -8.5%

MAY 17 – JUL 17 -1.0%

MAY 16 – JUL 16 -30.9%

MAY 17 +22.1%JUN 17 +47.3%JUL 17 +56.1%

MAY 17 – JUL 17 +42.1%

MAY 16 – JUL 16 -7.3%

MAY 17 +21.6%JUN 17 +22.3%JUL 17 +19.0%

MAY 17 – JUL 17 +21.0%

UK

S. KOREA

USA


JAPAN

TAIWAN


BRAZIL

KUWAIT

THAILAND



MAY 16 – JUL 16 +4.7%

MAY 17 +8.8%JUN 17 +7.8%JUL 17 +24.6%

MAY 17 – JUL 17 +15.1%

MAY 16 – JUL 16 -1.7%

MAY 17 +36.7%JUN 17 -0.9%JUL 17 +13.6%

MAY 17 – JUL 17 +13.5%

MAY 16 – JUL 16 +11.2%

MAY 17 +53.0%JUN 17 +9.4%JUL 17 +19.0%

MAY 17 – JUL 17 +21.6%

MAY 16 – JUL 16 -0.2%

MAY 17 +14.2%JUN 17 +8.0%JUL 17 +12.1%

MAY 17 – JUL 17 +11.0%

MAY 16 – JUL 16 +0.3%

MAY 17 +3.5%JUN 17 +3.9%JUL 17 -5.4%

MAY 17 – JUL 17 +1.2%

MAY 16 – JUL 16 +1.0%

MAY 17 -5.5%JUN 17 +28.5%JUL 17 -16.7%

MAY 17 – JUL 17 -3.6%

MAY 16 – JUL 16 -10.2%

MAY 17 -8.6%JUN 17 +55.8%JUL 17 -24.5%

MAY 17 – JUL 17 -8.8%

MAY 16 – JUL 16 -3.3%

MAY 17 -23.6%JUN 17 +53.5%JUL 17 -17.9%

MAY 17 – JUL 17 -5.8%

MAY 16 – JUL 16 -5.0%

MAY 17 +31.9%JUN 17 +2.1%JUL 17 +4.5%

MAY 17 – JUL 17 +10.1%

MAY 16 – JUL 16 -13.7%

MAY 17 +21.1%JUN 17 +12.0%JUL 17 +16.2%

MAY 17 – JUL 17 +15.9%

MAY 16 – JUL 16 -11.7%

MAY 17 +89.9%JUN 17 +20.4%JUL 17 +33.0%

MAY 17 – JUL 17 +38.4%

MAY 16 – JUL 16 +5.0%

MAY 17 -7.2%JUN 17 -9.9%JUL 17 +1.4%

MAY 17 – JUL 17 -4.8%

MAY 16 – JUL 16 +14.8%

MAY 17 -17.0%JUN 17 +52.4%JUL 17 -17.9%

MAY 17 – JUL 17 -6.8%

MAY 16 – JUL 16 -25.1%

MAY 17 +29.7%JUN 17 +35.0%JUL 17 +56.2%

MAY 17 – JUL 17 +42.0%

MAY 16 – JUL 16 +0.2%

MAY 17 +18.1%JUN 17 +21.5%JUL 17 +18.8%

MAY 17 – JUL 17 +19.6%


ITALY

S. KOREA

USA


JAPAN

TAIWAN


BRAZIL

KUWAIT

THAILAND



MAY 16 – JUL 16 -25.4%

MAY 17 +25.3%JUN 17 +17.8%JUL 17 +21.1%

MAY 17 – JUL 17 +21.1%

MAY 16 – JUL 16 -24.4%

MAY 17 +17.8%JUN 17 -7.5%JUL 17 -4.4%

MAY 17 – JUL 17 +0.1%

MAY 16 – JUL 16 -12.9%

MAY 17 +23.1%JUN 17 -7.8%JUL 17 +5.5%

MAY 17 – JUL 17 +5.3%

MAY 16 – JUL 16 +6.8%

MAY 17 +10.5%JUN 17 +8.1%JUL 17 +14.3%

MAY 17 – JUL 17 +11.0%

MAY 16 – JUL 16 +9.6%

MAY 17 -0.6%JUN 17 +1.7%JUL 17 -9.4%

MAY 17 – JUL 17 -1.6%

MAY 16 – JUL 16 -5.9%

MAY 17 -6.3%JUN 17 +21.0%JUL 17 -8.8%

MAY 17 – JUL 17 -0.3%

MAY 16 – JUL 16 -18.2%

MAY 17 -15.2%JUN 17 +32.2%JUL 17 -22.3%

MAY 17 – JUL 17 -9.5%

MAY 16 – JUL 16 -7.1%

MAY 17 -36.1%JUN 17 +81.2%JUL 17 -15.7%

MAY 17 – JUL 17 -11.1%

MAY 16 – JUL 16 +0.4%

MAY 17 +14.4%JUN 17 +7.1%JUL 17 -2.3%

MAY 17 – JUL 17 +5.8%

MAY 16 – JUL 16 -13.7%

MAY 17 +2.0%JUN 17 +21.4%JUL 17 +13.2%

MAY 17 – JUL 17 +12.5%

MAY 16 – JUL 16 -19.7%

MAY 17 +52.1%JUN 17 +6.9%JUL 17 +14.5%

MAY 17 – JUL 17 +22.6%

MAY 16 – JUL 16 -6.0%

MAY 17 -1.2%JUN 17 +5.2%JUL 17 -8.1%

MAY 17 – JUL 17 -1.2%

MAY 16 – JUL 16 -5.1%

MAY 17 -27.6%JUN 17 +43.2%JUL 17 -17.9%

MAY 17 – JUL 17 -11.5%

MAY 16 – JUL 16 -12.7%

MAY 17 +10.9%JUN 17 +30.7%JUL 17 +43.4%

MAY 17 – JUL 17 +27.9%

MAY 16 – JUL 16 +1.6%

MAY 17 +15.1%JUN 17 +15.0%JUL 17 +16.1%

MAY 17 – JUL 17 +15.4%



SPAIN

S. KOREA

USA


JAPAN

TAIWAN


BRAZIL

KUWAIT

THAILAND



MAY 16 – JUL 16 -26.6%

MAY 17 +28.3%JUN 17 +33.8%JUL 17 +34.9%

MAY 17 – JUL 17 +33.0%

MAY 16 – JUL 16 +6.2%

MAY 17 +43.1%JUN 17 +0.6%JUL 17 +12.2%

MAY 17 – JUL 17 +15.9%

MAY 16 – JUL 16 +4.3%

MAY 17 +38.8%JUN 17 +16.0%JUL 17 +11.4%

MAY 17 – JUL 17 +20.9%

MAY 16 – JUL 16 +9.7%

MAY 17 +21.3%JUN 17 +15.3%JUL 17 +12.7%

MAY 17 – JUL 17 +16.3%

MAY 16 – JUL 16 +18.0%

MAY 17 +17.7%JUN 17 -3.0%JUL 17 +3.5%

MAY 17 – JUL 17 +5.8%

MAY 16 – JUL 16 -0.8%

MAY 17 -3.4%JUN 17 +27.6%JUL 17 -9.3%

MAY 17 – JUL 17 +1.3%

MAY 16 – JUL 16 -4.9%

MAY 17 -12.0%JUN 17 +3.4%JUL 17 -15.7%

MAY 17 – JUL 17 -10.3%

MAY 16 – JUL 16 -1.8%

MAY 17 -33.2%JUN 17 +100.2%JUL 17 -15.9%

MAY 17 – JUL 17 -5.9%

MAY 16 – JUL 16 +13.7%

MAY 17 +26.5%JUN 17 +1.0%JUL 17 -12.0%

MAY 17 – JUL 17 +4.3%

MAY 16 – JUL 16 -15.1%

MAY 17 +11.5%JUN 17 +23.6%JUL 17 +23.5%

MAY 17 – JUL 17 +19.4%

MAY 16 – JUL 16 +18.8%

MAY 17 +57.8%JUN 17 -6.5%JUL 17 +8.5%

MAY 17 – JUL 17 +18.1%

MAY 16 – JUL 16 -6.8%

MAY 17 +27.9%JUN 17 +29.6%JUL 17 -0.6%

MAY 17 – JUL 17 +20.1%

MAY 16 – JUL 16 +14.3%

MAY 17 -28.4%JUN 17 +101.5%JUL 17 -21.0%

MAY 17 – JUL 17 -8.9%

MAY 16 – JUL 16 -1.1%

MAY 17 +4.2%JUN 17 +25.5%JUL 17 +30.4%

MAY 17 – JUL 17 +20.2%

MAY 16 – JUL 16 +9.1%

MAY 17 +29.6%JUN 17 +19.5%JUL 17 +15.5%

MAY 17 – JUL 17 +21.4%


GERMANY

S. KOREA

USA


JAPAN

TAIWAN


BRAZIL

KUWAIT

THAILAND



MAY 16 – JUL 16 -32.9%

MAY 17 +24.6%JUN 17 +6.6%JUL 17 +19.1%

MAY 17 – JUL 17 +16.4%

MAY 16 – JUL 16 -3.2%

MAY 17 +24.2%JUN 17 -15.4%JUL 17 -7.8%

MAY 17 – JUL 17 -1.2%

MAY 16 – JUL 16 -6.6%

MAY 17 +26.8%JUN 17 -15.1%JUL 17 -0.2%

MAY 17 – JUL 17 +2.2%

MAY 16 – JUL 16 +9.4%

MAY 17 +9.6%JUN 17 +8.9%JUL 17 +12.7%

MAY 17 – JUL 17 +10.4%

MAY 16 – JUL 16 +1.2%

MAY 17 +19.8%JUN 17 -10.4%JUL 17 -7.4%

MAY 17 – JUL 17 +1.8%

MAY 16 – JUL 16 -17.4%

MAY 17 -7.8%JUN 17 +16.2%JUL 17 -11.4%

MAY 17 – JUL 17 -5.7%

MAY 16 – JUL 16 -29.4%

MAY 17 -28.4%JUN 17 +48.5%JUL 17 -13.2%

MAY 17 – JUL 17 -8.0%

MAY 16 – JUL 16 -25.0%

MAY 17 -29.5%JUN 17 +117.4%JUL 17 +0.7%

MAY 17 – JUL 17 +4.3%

MAY 16 – JUL 16 +6.6%

MAY 17 +39.4%JUN 17 +7.8%JUL 17 +3.1%

MAY 17 – JUL 17 +14.7%

MAY 16 – JUL 16 -13.2%

MAY 17 +23.7%JUN 17 +5.8%JUL 17 +13.3%

MAY 17 – JUL 17 +13.8%

MAY 16 – JUL 16 -9.6%

MAY 17 +52.3%JUN 17 +1.0%JUL 17 +5.5%

MAY 17 – JUL 17 +16.3%

MAY 16 – JUL 16 -2.7%

MAY 17 +9.0%JUN 17 -5.4%JUL 17 -4.7%

MAY 17 – JUL 17 +0.3%

MAY 16 – JUL 16 -7.5%

MAY 17 -42.0%JUN 17 +98.9%JUL 17 -7.2%

MAY 17 – JUL 17 +0.4%

MAY 16 – JUL 16 -13.2%

MAY 17 +19.1%JUN 17 +17.2%JUL 17 +30.3%

MAY 17 – JUL 17 +22.4%

MAY 16 – JUL 16 +0.3%

MAY 17 +14.0%JUN 17 +10.4%JUL 17 +8.6%

MAY 17 – JUL 17 +10.8%


SINGAPORE

S. KOREA

USA


JAPAN

TAIWAN


BRAZIL

KUWAIT

THAILAND



MAY 16 – JUL 16 -10.9%

MAY 17 +17.9%JUN 17 +44.0%JUL 17 +37.6%

MAY 17 – JUL 17 +32.7%

MAY 16 – JUL 16 -6.1%

MAY 17 -23.2%JUN 17 -23.9%JUL 17 -16.9%

MAY 17 – JUL 17 -20.8%

MAY 16 – JUL 16 +1.3%

MAY 17 +8.8%JUN 17 -15.2%JUL 17 -1.2%

MAY 17 – JUL 17 -2.8%

MAY 16 – JUL 16 +0.5%

MAY 17 +7.8%JUN 17 +24.1%JUL 17 +18.7%

MAY 17 – JUL 17 +17.4%

MAY 16 – JUL 16 -1.0%

MAY 17 +21.8%JUN 17 +18.9%JUL 17 +3.1%

MAY 17 – JUL 17 +16.4%

MAY 16 – JUL 16 +7.3%

MAY 17 -14.6%JUN 17 +11.7%JUL 17 -15.8%

MAY 17 – JUL 17 -9.2%

MAY 16 – JUL 16 +23.8%

MAY 17 -42.2%JUN 17 +24.2%JUL 17 -25.4%

MAY 17 – JUL 17 -21.5%

MAY 16 – JUL 16 -6.9%

MAY 17 -27.3%JUN 17 +40.9%JUL 17 -43.1%

MAY 17 – JUL 17 -20.4%

MAY 16 – JUL 16 +16.8%

MAY 17 +19.1%JUN 17 +17.5%JUL 17 +1.4%

MAY 17 – JUL 17 +11.5%

MAY 16 – JUL 16 -6.7%

MAY 17 +5.7%JUN 17 +19.6%JUL 17 +14.9%

MAY 17 – JUL 17 +13.1%

MAY 16 – JUL 16 +10.5%

MAY 17 +10.4%JUN 17 -18.0%JUL 17 +2.3%

MAY 17 – JUL 17 -2.2%

MAY 16 – JUL 16 -6.3%

MAY 17 -2.1%JUN 17 -1.6%JUL 17 -7.8%

MAY 17 – JUL 17 -4.0%

MAY 16 – JUL 16 -5.6%

MAY 17 -28.9%JUN 17 +104.8%JUL 17 -26.7%

MAY 17 – JUL 17 -15.7%

MAY 16 – JUL 16 -10.0%

MAY 17 +0.2%JUN 17 +11.1%JUL 17 +15.2%

MAY 17 – JUL 17 +8.2%

MAY 16 – JUL 16 -6.3%

MAY 17 +2.3%JUN 17 +17.1%JUL 17 +9.3%

MAY 17 – JUL 17 +9.8%

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Fintrax Group HoldingsHeadquartered in Galway, Ireland

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Documents

Premier Vision - Premier Tax Free · PDF fileFeature: 2017 Evidences a Resurgence in Tourism to Italy 07 Tax Free Sales by Destination and Source 08 ... and with the exception of Germany,