“Fashion Week Economy” Milan Fashion Week averaged 1499 euros in a single transaction

During the Milano Fashion Week Women's Fashion Show held from September 18th to September 24th this year, a large number of shoppers from all over the world gathered here. The fashion week will not only make the show of the major brands extraordinarily lively. The fashion consumption outside the show is also in full swing. Planet, a global payment Services provider of the Irish tax rebate group Fintrax Group, recently conducted a survey to analyze the local tax rebate spending of non-EU tourists during major fashion cycles in Europe.

Planet statistics show that the Milan Fashion Week Women's Wear Show in September boosted Milan's total luxury tax rebate consumption by 1.4% compared to 2017, while the average transaction volume of a single transaction achieved a 4.6% increase. During the Milan Fashion Week Women's Wear Show in September, the average transaction value of luxury goods tax rebate in Milan reached 1,499 euros, only a record 1588 euros during the Paris Fashion Week (September 24 to October 2). Increase by 7.5%) by 89 euros.

In stark contrast to the tax rebate shopping boom between Milan Fashion Week and Paris Fashion Week, consumption during London Fashion Week (September 14 to September 18) was quite deserted. According to Planet data, the average turnover of local tax rebate consumption during the London Fashion Week was only 354 euros, a decrease of 3.4% year-on-year, while the total tax rebate consumption was 14.2% lower than the same period in 2017.

Sara Bernabè, manager of Planet Italy, said: “The business opportunities brought about by the major fashion weeks deserve to be valued by everyone, as these fashion weeks are attracting more and more international consumers with strong spending power to come and celebrate. Those who love to make high-end consumption."

In terms of consumer sources, during the Milan Fashion Week, visitors from Hong Kong (the average turnover of tax rebate consumption reached 1910 euros, up 79% year-on-year) and the United States (1900 euros, +51%) took the lead and led the global visitors. Local tax refund shopping. Consumers in Russia (1,476 euros), mainland China (1,450 euros) and Japan (1,435 euros) are close behind.

In terms of consumer destinations, Via Montenapoleone, which houses more than 150 luxury brands, is the most famous luxury shopping street in Milan and Italy, with Via Montenapoleone, Via Sant'Andrea, Via della Spiga and Via Borgospesso. Quadrilatero “Golden Corner” is undoubtedly the king of the tax refund shopping street during Milan Fashion Week. Visitors spend 39% of the total tax refund in Milan during the same period, Via Sant'Andrea (25%) and Via Ugo Foscolo (13%) is divided into two or three.

The fashion and luxury goods industries remain an indispensable driving force for the Italian economy. On the other hand, non-EU tourists are the main target customers of these market segments. In Europe, the average consumption of foreign tourists is about 3.7 times that of the local tourists. For some Italian retailers, the consumption of foreign tourists can even reach 60% of their annual sales.

In the first half of 2018, Italy's national tax rebate shopping consumption showed a steady growth trend, with a total increase of 1% year-on-year, while the average turnover of a single transaction increased by 8% year-on-year, and the number of arrivals increased by 3%. In the fourth quarter of this year, the flow of non-EU visitors to Italy is expected to increase by 6.6% year-on-year, with the number of visitors from Thailand (+48%), the United States (+19%) and South Korea (+19%) ushered in significant growth.

The prosperity of the “Fashion Week Economy” not only drove the growth of local luxury goods tax refund shopping, but also provided more development opportunities for the local service industry. During the Milan Fashion Week Women's Wear Show 2017, about 18,000 related Milanese companies received a total of 160 million euros in the short week due to the fashion week. The driving effect of the “Fashion Week Economy” should not be underestimated.