- Fresh data from Global Blue reveals that the global dynamic
recovery for Tax Free Shopping accelerated across Continental
Europe and Asia Pacific.
- Globally, issued Sales in Store like-for-like recovery
reached 172%1 in May 2024 compared to the same period in 2019, vs.
153%1 in April 2024 and 140%1 in Q1 2024.
An accelerating worldwide recovery, compared to 2019
levels
Globally, May 2024 recovery is ahead of April 2024
recovery, reaching 172%1 in May vs. 153%1 in April
and 140%1 in Q1, driven by a solid momentum across
nationalities.
In terms of origin markets, Mainland Chinese shopper
recovery continues to accelerate, reaching 132%1 in May
versus 112%1 in April and 101%1 in Q1, yet with
different dynamics across regions. Japan is currently the country
benefiting the most from this acceleration, reaching a record
recovery rate of 258%1 in May. This strong performance is
attributed to a low Japanese Yen, making Japan today’s most
attractive shopping destination around the world for Chinese
shoppers, who are highly sensitive to FX rates (pricing elasticity
estimated at 3.0x). As a result, 64% of worldwide Mainland Chinese
shoppers’ Sales in Store in May is now allocated to Japan, compared
to 33% in 2019.
Regarding other nationalities, the recovery is also
accelerating, with rates of 210% in May, versus 187%
in April and 177% in Q1.
In Continental Europe, May 2024 recovery is ahead of
April 2024 recovery, reaching 145%1 in May vs. 137%1 in April,
driven by a strong recovery in France (170%1), Spain (169%1) and
Italy (164%1). This higher performance is due to a favorable basis
of comparison in May, linked to the shift in the Ramadan calendar2.
Excluding this effect, the Continental Europe recovery rate in May
would have reached 138%. Regarding origin markets, US
shopper recovery remains strong, reaching 307%1 in May vs. 336%1 in
April. GCC shopper recovery2 stood at 633%1 vs. 198%1 in April,
driven by the shift in the Ramadan calendar effect. The recovery
from Mainland Chinese shoppers softened slightly in May, at 59%1
compared to 68%1 in April.
In Asia Pacific, the recovery rate reached a record level
at 250%1 in May vs. 194%1 in April, fueled by strong performances
in Japan (360%1) and South Korea (164%1). In terms of origin
markets, travelers from Hong Kong and Taiwan continue to lead
the recovery, reaching 705%1 in May vs. 517%1 in April. Following
behind are North East Asia travelers, with a recovery rate of 378%1
in May vs. 323%1 in April. Regarding Mainland Chinese shoppers, the
recovery continues to accelerate, reaching 221%1 in May, versus
156%1 in April.
A strong year-on-year performance for international
shopping
When analyzing the year-on-year variation in Tax Free Shopping
growth, the worldwide issued Sales in Store like-for-like
year-on-year performance reached +47%3 in May 2024 vs. +46%3 in
April and +40%3 in Q1. The momentum remains solid across
nationalities, with Mainland Chinese shoppers, in
particular, growing by +164%3 in May 2024, vs. +148%3 in April and
+214%3 in Q1 2024.
The issued Sales in Store in Continental Europe grew by
+19%3 in May 2024 vs. last year, influenced by a positive dynamic
across nationalities. Regarding origin markets, a positive
momentum for issued Sales in Stores growth is visible across all
nationalities, with Mainland Chinese shoppers leading the way with
a +39%3 growth rate in May 2024. US shopper growth reached +21%3
and GCC shopper growth reached +20%3.
In Asia Pacific, the issued Sales in Stores growth rate
continues to remain high, reaching +134%3 in May 2024 vs. last
year. All nationalities contributed positively, with
Mainland Chinese leading the way at +272%3 in May 2024 vs. 2023,
North East shoppers at +163%3 and Hong Kong and Taiwan at
+92%3.
APPENDIX
Worldwide recovery rate (versus 2019) rate
Issued SIS
L/L
recovery1
(in % of
2019)
% Issued SIS
2019
May
2024
April
2024
March
2024
February
2024
CY Q1
2024
CY Q4
2023
France
22%
170%
158%
160%
174%
165%
140%
Italy
24%
164%
145%
135%
131%
123%
123%
Spain
14%
169%
166%
152%
134%
151%
133%
Germany
13%
73%
73%
69%
71%
65%
74%
Other countries
27%
127%
129%
121%
127%
126%
111%
Total Continental Europe
100%
145%
137%
130%
132%
128%
118%
Japan
54%
360%
262%
235%
229%
232%
225%
Singapore
42%
103%
81%
111%
84%
92%
75%
South Korea
4%
164%
140%
127%
118%
125%
111%
Total Asia Pacific
100%
250%
192%
181%
159%
166%
150%
Total worldwide
100%
172%
153%
145%
141%
140%
127%
Worldwide Year-on-Year Growth Rate (2024 vs. 2023)
Issued SIS L/L
Year-on-Year
Growth3
% Issued
SIS 2023
May
2024
April
2024
March
2024
February
2024
January
2024
CY Q1
2024
France
26%
+14%
+13%
+3%
+21%
+11%
+11%
Italy
25%
+29%
+30%
+20%
+44%
+26%
+29%
Spain
15%
+33%
+38%
+18%
+52%
+31%
+32%
Germany
8%
-7%
+15%
-10%
+9%
+20%
+6%
Other countries
26%
+21%
+24%
+9%
+30%
+8%
+16%
Total Continental
Europe
100%
+19%
+25%
+9%
+32%
+17%
+19%
Japan
65%
+222%
+167%
+146%
+170%
+100%
+137%
Singapore
27%
+2%
-4%
+24%
+36%
+15%
25%
South Korea
8%
+58%
+63%
+96%
+138%
+108%
110%
Total Asia Pacific
100%
+134%
+103%
+102%
+120%
+71%
97%
Total worldwide
100%
+47%
+46%
+33%
57%
+34%
40%
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 is the business partner for the shopping journey,
providing technology and services to enhance the experience and
drive performance.
With over 40 years of expertise, today we connect thousands of
retailers, acquirers, and hotels with nearly 80 million consumers
across 53 countries, in three industries: Tax Free Shopping,
Payments and Post-Purchase solutions.
With over 2,000 employees, Global Blue generated €28bn Sales in
Store and €422M revenue in FY 2023/24. Global Blue is listed on the
New York Stock Exchange.
For more information, please visit www.globalblue.com
Global Blue Monthly Intelligence Briefing, May 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 Ramadan took place from March 10 to April 9 in 2024; while it
took place from May 5 to June 3 in 2019.
3 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/20240607198692/en/
MEDIA Virginie Alem – SVP Marketing & Communications
Mail: valem@globalblue.com INVESTOR RELATIONS Frances
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