Global Blue Releases the Monthly Tax Free Shopping Business Update for October 2022
November 10 2022 - 6:34AM
Business Wire
Fresh data from Global Blue reveals that the dynamic recovery
for Tax Free Shopping has been accelerating across Asia Pacific,
while remaining solid in Continental Europe.
In Continental Europe, issued Sales in Store like-for-like
reached a recovery of 102%1 in October vs. the same period in 2019.
Restated for the Golden Week impact2, the recovery would have been
111%1 in line with September trends. US nationals and Gulf
Corporation Council citizens continue to lead this recovery.
In Asia Pacific, the dynamic recovery has significantly
improved, reaching 68%1 in October vs. the same period in 2019,
with no Golden Week basis effect. In Japan, recovery accelerated
steadily after the removal of all sanitary measures.
Recovery in Continental Europe remains on solid
footing
In Continental Europe, recovery continues to stay solidly above
2019 levels. It reached 102%1 in October 2022 vs. 2019. Within
reopened travel corridors3, the recovery reached 151%1.
In terms of origin markets, Global Blue data shows a
strong dynamic recovery across all nationalities. Recovery for US
nationals remains strong with a recovery of 262%1 vs. the same
period in 2019. For Gulf Cooperation Council citizens, recovery is
equally strong at 256%1 vs. the same period in 2019. For both
nationalities, a stable recovery of traffic and strong currencies
against the euro continue to fuel their lead in the recovery.
Even with the absence of Chinese nationals, most destination
markets in Europe continue to remain firm. The recovery was
predominantly led by Portugal at 152%1, Greece at 142%1, France at
130%1, and Italy at 98%1.
Recovery in Asia Pacific picks up momentum
In Asia Pacific, the recent abolition of sanitary measures in
Japan and South Korea has led to positive developments with October
recovery reaching 68%1 vs. the same period in 2019, Within reopened
travel corridors3, the recovery reached 107%1.
In terms of destination markets, Japan is leading the
recovery with 68%1. Thanks to the removal of sanitary restrictions
and a weak currency, recovery in Japan exceeded 2019 levels for all
nationalities (except Chinese citizens). After Japan, recovery was
closely followed by both Singapore and South Korea at 67%1.
APPENDIX
Glossary
- Gulf Cooperation Council countries include: Kuwait, Qatar,
Saudi Arabia, United Arab Emirates, Bahrain, Oman
- South East Asia include: Indonesia, Thailand, Cambodia,
Philippines, Vietnam, Malaysia, Singapore
- North East Asia include: Japan, Korea
YTD Data
Issued SIS L/L recovery4
(in % of 2019)
October 2022
Q3
2022
July
2022
Q2
2022
Q1
2022
Continental Europe
102%
101%
95%
75%
53%
Asia Pacific
68%
51%
52%
39%
16%
TOTAL
93%
89%
85%
65%
40%
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
http://www.globalblue.com/corporate/
Global Blue Monthly Speaker Notes Data, September 2022,
Source: Global Blue
1 Recovery rate is equal to 2022 Issued Sales In Store divided
by 2019 Issued Sales In Store, like-for-like (ie: at constant
merchant scope and exchange rates). 2 Golden Week impact
restatement: 2019 basis of comparison restated to have a comparable
nationality mix in October and September, removing the seasonal
holiday peak linked to Golden Week Chinese holiday season 3 Open
corridor is defined as a travel line between 2 countries, where
there is no more sanitary or visa restrictions to go in the
destination country and to come back in the origin country. 4
Recovery rate is equal to 2022 Issued Sales In Store divided by
2019 Issued Sales In Store, like-for-like (ie: at constant merchant
scope and exchange rates)
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MEDIA CONTACTS
Virginie Alem – SVP Marketing & Communications Mail:
valem@globalblue.com
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Frances Gibbons – Head of Investor Relations Mob: +44 (0)7815
034 212 Mail: fgibbons@globalblue.com
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