New data from Global Blue (NYSE:GB) reveals that the global
dynamic recovery for Tax Free Shopping has remained solid across
Continental Europe, with a continued acceleration in Asia
Pacific.
Globally, issued Sales in Store like-for-like recovery reached
123%1 in October versus 123%1 in Q3 ’23.
A stable recovery in Continental Europe
In Continental Europe, as expected, the recovery has slightly
softened to 115%1 in October vs. 119%1 in Q3 ’23, mainly due to the
mix of traveler nationalities: the exposure to residents from
Mainland China was higher during Golden Week, while their recovery
rate is still below that of other nationalities. Additionally, the
recent events in Palestine during the latter part of October have
had a minor impact on the recovery, (causing a decrease from -1 to
-2 percentage points). Excluding Mainland Chinese and Russian
shoppers, the recovery would have reached 154%1 in October vs.
157%1 in Q3 ‘23.
Regarding origin markets, US residents maintain a strong
level of recovery, reaching 260%1 in October vs. 258%1 in Q3 ‘23.
Gulf Cooperation Council shopper recovery also remains strong,
reaching 241%1 in October vs. 200%1 in Q3 ‘23.
In terms of destination markets, October witnessed a
slightly softened recovery across most destinations, with Greece at
146%1, France at 136%1, Spain at 125%1, Italy at 125%1, and
Switzerland at 114%1.
Asia Pacific recovery continues to propel
In Asia Pacific, the recovery rate continues to experience a
rapid increase, reaching 147%1 in October vs. 134%1 in Q3 ‘23. When
excluding Mainland Chinese shoppers (who represented 55% of Sales
in Store in the region in 2019), the recovery would have reached
189%1 in October vs. 169%1 in Q3 ‘23.
In terms of origin markets, residents from Hong Kong and
Taiwan and North East Asia are driving the strong recovery in Asia
Pacific. The recovery for Hong Kong and Taiwan travelers remains
significantly high, reaching 555%1 in October vs. 448%1 in Q3 ‘23.
Following closely behind are North East Asia travelers, with a
recovery rate of 276%1 in October vs. 203%1 in Q3 ‘23. Mainland
Chinese shoppers have also remained strong, with a recovery rate
reaching 109%1 in October vs. 105%1 in Q3 ‘23.
When examining destination markets, Japan continues to
lead the recovery in Asia Pacific at 223%1 in October, followed by
South Korea at 114%1.
A gradual recovery for Mainland Chinese shoppers
In October, the Sales in Store like-for-like recovery of
Mainland China shoppers within the Asia Pacific region
remained solid, reaching 109%1. This was driven by the progressive
return of Chinese shoppers (47%), slightly below the air capacity
recovery (61%2), and a significant increase in the average spend
per shopper (132%3) vs. 2019.
In Continental Europe, the Sales in Store like-for-like
recovery of Mainland China shoppers reached 52%1. This performance
was driven by a return of Chinese shoppers (39%) still well below
the air capacity recovery (60%2) due to the lead time required for
visa issuance and the absence of group travel. Currently, the
increase in average spend per shopper stands at 33%3.
APPENDIX
YTD Data
Issued SIS L/L recovery1 (in %
of 2019)
October 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Continental Europe
115%
119%
121%
109%
104%
101%
Asia Pacific
147%
134%
111%
87%
80%
51%
TOTAL
123%
123%
118%
101%
97%
89%
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, October 2023,
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 Air capacity: ForwardKeys data platform – October 2023
3 Mainland Chinese shoppers increase of average spend per
international shopper versus 2019
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version on businesswire.com: https://www.businesswire.com/news/home/20231109984504/en/
MEDIA CONTACTS
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valem@globalblue.com
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034 212 Mail: fgibbons@globalblue.com
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