- Today, at Walpole’s latest Luxury Summit in London, Global
Blue will present new data signalling the continued recovery of Tax
Free Shopping in continental Europe
- During the first few months of 2022, Tax Free Shopping
recovery in continental Europe1 reached its highest levels since
the start of the pandemic, peaking at 66% 2 in March, thanks to
pent-up demand and the recovery of international air
travel
- Top Tax Free nationalities including the Gulf Cooperation
Council Countries (GCC)3, US and Regional European countries4
continued to outperform pre-pandemic levels, reaching 175%, 119%
and 106% respectively in Q1 2022
Today, at the Walpole British Luxury Summit in London, Global
Blue CEO, Jacques Stern, will present new data that signposts the
recovery of post-pandemic Tax Free Shopping in continental
Europe.
Europe’s Tax Free Shopping recovery continues to make strong
progress as international travel resumes
In the early months of 2022, Tax Free Shopping in Europe has
seen its highest rate of post-pandemic recovery, reaching 66% in
March 2022, versus the same period in 2019.
In April, the recovery reached a slightly lower rate (56%) due
to the temporary impact of Ramadan and subsequent decreased travel
amongst GCC shoppers.
Shoppers from the GCC, US and European region exceed 2019
spending levels
European recovery was fuelled by the strong performance of
several top Tax Free Shopping nationalities. During Q1, GCC
shoppers reached 175% recovery versus 2019, while those from the US
and Regional Europe achieved 119% and 106% respectively.
Recovery rose to 155% for US shoppers and 134% for Regional
shoppers in April, while it went down to 43% for GCC shoppers, due
to the Ramadan period.
UK shoppers – a new nationality eligible for Tax Free Shopping
since Brexit – also contributed to the improved recovery,
accounting for 7% of all Tax Free Spend in Europe during April.
Tax Free Shoppers’ strong appetite to travel and spend is
driving recovery
The ongoing recovery can be attributed to several key drivers,
which include:
- Strong appetite for travel: According to latest
ForwardKeys5 data, air traffic demand to continental Europe is
continually improving in 2022, with GCC demand reaching 72%
recovery in Q2 (vs 68% in Q1) and US reaching 78% (vs 77% in
Q1).
- Pent-up demand: In 2022 (versus 2019), Tax Free
Shoppers have increased their number of transactions and the
average spend per transaction, which has led to an overall increase
in individual spend: this is pent-up demand6, which reached +137%
amongst GCC shoppers, +90% amongst US shoppers and +98% amongst
Regional shoppers in Q1.
Jacques Stern, CEO, Global Blue commented:
“The strong performance of nationalities such as the GCC and the
US is a very encouraging indication of how quickly and robustly Tax
Free Shopping can recover when borders soften and international
travel resumes. Meanwhile, the quick establishment of UK shoppers
as a key Tax Free nationality offers promise for European retailers
and we look forward to seeing the evolution of this new market
throughout 2022 and beyond.”
To access and download the full presentation, visit the investor
section of the Company’s website at Global Blue Group Holding AG -
Investor Relations, in the Events & Presentations section.
All data are like-for-Like figures (at constant scope and
currency).
Source: Global Blue
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
- Payments services: Providing a full suite of foreign
exchange and Payments 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 optimise and digitalise 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/
Pre-pandemic figures FY 2019-20
Forward Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
regarding Global Blue or its management’s expectations, hopes,
beliefs, intentions or strategies regarding the future. The words
“anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”,
“intends”, “may”, “might”, “plan”, “possible”, “potential”,
“predict”, “project”, “should”, “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. These
forward-looking statements are based on Global Blue’s current
expectations and beliefs concerning future developments and their
potential effects on Global Blue. There can be no assurance that
the future developments affecting Global Blue will be those that we
have anticipated. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond Global Blue’s
control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These include
commercial expectations and other external factors, including
political, legal, fiscal, market and economic conditions and
factors affecting travel and traveller shopping, including the
global COVID-19 pandemic and applicable legislation, regulations
and rules (including, but not limited to, accounting policies and
accounting treatments), movements in foreign exchange rates,
inflation and other factors described under “Risk Factors” in
Global Blue’s Annual Report on Form 20-F/A for the fiscal year
ended March 31, 2021 filed with the Securities and Exchange
Commission (the “SEC”), and in other reports we file from time to
time with the SEC, all of which are difficult to predict and are
beyond Global Blue’s control. Except as required by law, Global
Blue is not undertaking any obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
1 Continental Europe = Europe excluding the UK 2 Recovery rate
is defined as the ratio between 2022 Sales in Store and 2019 Sales
in Store, at constant scope and currency. 3 GCC shoppers: Shoppers
from Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain,
Oman 4 Regional shoppers: Shoppers who can reach destination by
land transportation or less than 2 hours flight. Ex: Swiss,
British, Ukraine, etc. 5 ForwardKeys proprietary data 2022 6
Pent-up demand is equal to the spending increase per shopper in
2022 versus 2019
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220523005430/en/
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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