MILAN — Watches and jewelry are the leading categories for tax-free shopping in Europe, according to data released on Wednesday in Milan by Global Blue, a tourist shopping tax refund company.
Tax-free shopping in Europe rose 5 percent in 2025 compared to 2024, with watches and jewelry recording a 14 percent increase in spending.
In particular, watches were the driving category, with a 20 percent increase in tax-free spending, thanks to a 15 percent increase in average spending per shopper, reaching 7,100 euros.
According to Global Blue, the biggest spenders were U.S. citizens, contributing 26 percent of total spending, followed by Middle Easterners, whose spending increased by 34 percent, and Latin Americans, with a 31 percent increase. Additionally, 44 percent of watch spending targets “exclusive” products, those with the highest economic value, over 35,000 euros.
Jewelry spending recorded a 10 percent increase, driven by a 7 percent rise in average spending per shopper. In terms of nationality, U.S. customers accounted for 30 percent of total European volumes, while Chinese shoppers showed the largest growth at 13 percent.
Exclusive products, valued over 10,000 euros per item, represented 35 percent of the market and were the segment with the most significant spending growth.
The study highlighted that Gen Z is growing as a key player in the market, increasing spending at a faster rate than other generations, with a 31 percent gain. This generation also tends to consider fashion brands for purchasing watches or jewelry. According to the survey, 58 percent of this cluster stated they have already bought or intend to buy a product from these categories from a fashion brand.
Finally, ultra high-net-worth customers confirmed their importance, generating more than 60 percent of total spending on watches and jewelry although they represent a niche accounting for 9 percent of shoppers.
