Global Blue Releases the Monthly Tax Free Shopping Business Update for January 2024
February 08 2024 - 6:05AM
Business Wire
Fresh data from Global Blue (NYSE:GB) reveals that the global
dynamic recovery for Tax Free Shopping has accelerated across
Continental Europe and Asia Pacific.
Globally, issued Sales in Store like-for-like recovery reached
135%1 in January 2024 compared to the same period in 2019, vs. 127%
in Q4 ’23.
A worldwide sustained recovery, compared to 2019
levels
In Continental Europe, the recovery strengthened,
reaching 125%1 in January vs. 118% in Q4 ‘23, fueled by a strong
recovery in France (164%1) and Spain (153%1). Regarding origin
markets, US shoppers sustained a strong level of recovery,
reaching 290%1 in January vs. 248%1 in Q4 ’23. Similarly, GCC
shoppers reached 273%1 in January vs. 240%1 in Q4 ‘23. Mainland
Chinese shopper recovery continues to accelerate, reaching 80%1 in
January vs. 58%1 in Q4 ’23, thanks to increased flight connections
and higher visa issuance capacity.
In Asia Pacific, the recovery rate reached a record level
at 161%1 in January vs. 150%1 in Q4 ‘23, led by Japan (232%). In
terms of origin markets, travelers from Hong Kong and Taiwan
sustained a high recovery, reaching 426%1 in January vs. 538%1 in
Q4 ‘23. Following behind are North East Asia travelers, with a
recovery rate of 242%1 in January vs. 318%1 in Q4 ‘23. Mainland
Chinese shopper recovery continues to propel, reaching 127%1 in
January vs. 105%1 in Q4’ 23.
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
+17%2 in January 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 +259%2 growth rate in January 2024. Despite
a high basis of comparison, GCC shoppers continue to show strong
growth at +27%2, while US shoppers Tax Free Spend remains flat
compared to last year (-2%2).
In Asia Pacific, the growth rate reached +71%2 in January
2024 vs. last year. Most nationalities are positively contributing,
with Mainland Chinese shoppers leading the way at +239%2 in January
2024 vs. 2023, North East shoppers at +54%2 and Hong Kong and
Taiwan shoppers at +13%2.
APPENDIX
Worldwide recovery rate (versus 2019)
Issued SIS L/L recovery1 (in %
of 2019)
% Tax Free Spend
(2019)
January 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
France
22%
164%
140%
138%
146%
147%
Italy
24%
111%
123%
126%
128%
97%
Spain
14%
153%
133%
127%
122%
114%
Germany
13%
70%
74%
70%
77%
66%
Other countries
27%
121%
111%
119%
121%
108%
Total Continental Europe
100%
125%
118%
119%
121%
109%
Japan
54%
232%
225%
185%
121%
98%
Singapore
42%
85%
75%
84%
95%
74%
South Korea
4%
131%
111%
116%
109%
73%
Total Asia Pacific
100%
161%
150%
134%
111%
87%
TOTAL WORLDWIDE
100%
135%
127%
123%
118%
101%
Worldwide Year-on-Year Growth rate (2024 vs. 2023)
Issued SIS L/L Year-on-Year
Growth2
% Tax Free Spend
(2023)
January 2024
France
26%
+11%
Italy
25%
+26%
Spain
15%
+31%
Germany
8%
+20%
Other countries
26%
+8%
Total Continental Europe
100%
+17%
Japan
65%
+100%
Singapore
27%
+15%
South Korea
8%
+108%
Total Asia Pacific
100%
+71%
TOTAL WORLDWIDE
100%
+34%
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, January 2024,
Source: Global Blue
____________________________ 1 Recovery rate is equal to 2023
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)
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MEDIA CONTACTS
Virginie Alem – SVP Marketing & Communications Mail:
valem@globalblue.com
INVESTOR RELATIONS CONTACTS
Frances Gibbons – Head of Investor Relations Mob: +44 (0)7815
034 212 Mail: fgibbons@globalblue.com
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