New data from Global Blue reveals that the global dynamic
recovery for Tax Free Shopping remains strong across Continental
Europe and Asia Pacific.
Globally, issued Sales in Store like-for-like recovery reached
141%1 in February 2024 compared to the same period in 2019, vs.
135%1 in January ’24.
A steady worldwide recovery, compared to 2019 levels
In Continental Europe, the recovery strengthened,
reaching 132%1 in February vs. 125%1 in January, fueled by a strong
recovery in France (174%1), Spain (134%1) and Italy (131%1).
In terms of origin markets, GCC shoppers benefited from
the seasonal shift of the pre-Ramadan shopping acceleration,
reaching 404%1 recovery in February vs. 273%1 in January. US
shoppers also recorded a strong recovery rate this month, at 316%1
vs. 290%1 in January.
In Asia Pacific, the recovery rate remains strong at
159%1 in February vs. 161%1 in January, led by Japan (229%). The
implementation of the Visa-Free policy for Chinese travelers in
Singapore is showing the first signs of a positive impact, with a
recovery reaching 74%1 in February vs. 62%1 in January.
Regarding origin markets, travelers from Hong Kong and
Taiwan continue to lead the recovery, reaching 525%1 in February
vs. 426%1 in January. Following behind are North East Asia
travelers, with a recovery rate of 305%1 in February vs. 242%1 in
January.
In terms of Mainland Chinese shoppers, the worldwide
issued Sales in Store like-for-like recovery reached 98%1 in
February vs. 104%1 in January. Within Continental Europe,
Mainland Chinese shopper recovery reached 71%1 in February,
slightly below January levels at 80%1, due to the 2019 Lunar New
Year high basis of comparison. In Asia Pacific, Mainland
Chinese shopper recovery remains strong, reaching 121%1 in February
vs. 127%1 in January.
A strong year-on-year performance for international
shopping
When analyzing the year-on-year variation in Tax Free Shopping
growth, issued Sales in Store in Continental Europe grew by
+32%2 in February 2024 vs. last year.
In terms of origin markets, the growth was positively
influenced by most nationalities, with Mainland Chinese shoppers
leading the way with a +222%2 growth rate in February 2024.
Influenced by the pre-Ramadan period, GCC shoppers continued to
show strong growth at +43%2, while US shoppers’ Tax Free Spend
reached +12%2.
In Asia Pacific, the growth rate strongly accelerated,
reaching +120%2 in February 2024 vs. last year. All nationalities
contributed positively, with Mainland Chinese shoppers leading the
way at +350%2 in February 2024 vs. 2023, North East shoppers at
+118%2 and Hong Kong and Taiwan shoppers at +54%2.
APPENDIX
Worldwide recovery rate (versus 2019)
Issued SIS L/L recovery1 (in %
of 2019)
% Tax Free Spend
(2019)
February
2024
January 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
France
22%
174%
164%
140%
138%
146%
147%
Italy
24%
131%
111%
123%
126%
128%
97%
Spain
14%
134%
153%
133%
127%
122%
114%
Germany
13%
71%
70%
74%
70%
77%
66%
Other countries
27%
127%
121%
111%
119%
121%
108%
Total Continental Europe
100%
132%
125%
118%
119%
121%
109%
Japan
54%
229%
232%
225%
185%
121%
98%
Singapore
42%
84%
85%
75%
84%
95%
74%
South Korea
4%
118%
131%
111%
116%
109%
73%
Total Asia Pacific
100%
159%
161%
150%
134%
111%
87%
TOTAL WORLDWIDE
100%
141%
135%
127%
123%
118%
101%
Worldwide Year-on-Year Growth rate (2024 vs. 2023)
Issued SIS L/L Year-on-Year
Growth2
February 2024
January 2024
CY (2023)
France
+21%
+11%
26%
Italy
+44%
+26%
25%
Spain
+52%
+31%
15%
Germany
+9%
+20%
8%
Other countries
+30%
+8%
26%
Total Continental Europe
+32%
+17%
100%
Japan
+170%
+100%
65%
Singapore
+36%
+15%
27%
South Korea
+138%
+108%
8%
Total Asia Pacific
+120%
+71%
100%
TOTAL
WORLDWIDE
57%
+34%
100%
Glossary
- Gulf Cooperation Council countries include:
Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman -
South East Asia includes: Indonesia, Thailand, Cambodia,
Philippines, Vietnam, Malaysia, Singapore - North East Asia
includes: Japan, South Korea
ABOUT GLOBAL BLUE
Global Blue pioneered the concept of Tax Free Shopping 40 years
ago. Through continuous innovation, we have become the leading
strategic technology and payments partner, empowering retailers to
improve their performance and shoppers to enhance their
experience.
Global Blue offers innovative solutions in three different
fields:
- Tax Free Shopping: Helping retailers at over 300,000
points of sale to efficiently manage 35 million Tax Free Shopping
transactions a year, thanks to its fully integrated in-house
technology platform. Meanwhile, its industry-leading digital Tax
Free shopper solutions create a better, more seamless customer
experience.
- Payment services: Providing a full suite of foreign
exchange and Payment technology solutions that allow acquirers,
hotels, and retailers to offer value-added services and improve the
customer experience during 31 million payment transactions a year
at 130,000 points of interaction.
- Complementary RetailTech: Offering new technology
solutions to retailers, including digital receipts and eCommerce
returns, that can be easily integrated with their core systems and
allow them to optimize and digitalize their processes throughout
the omni-channel customer journey, both in-store and online.
In addition, our data and advisory services offer a
strategic advisory to help retailers identify opportunities for
growth, while our shopper experience and engagement
solutions provide data-driven solutions to increase
footfall, convert footfall to revenue and enhance
performance.
For more information, visit
https://www.globalblue.com/about-us/media Global Blue Monthly
Speaker Notes Data, February 2024, Source: Global Blue
______________________________ 1 Recovery rate is equal to 2024
Issued Sales in Store divided by 2019 Issued Sales in Store,
like-for-like (i.e.: at constant merchant scope and exchange
rates). 2 Growth rate variation year-on-year (2024 vs. the same
period in 2023)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240307482475/en/
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valem@globalblue.com
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