New data from Global Blue (NYSE:GB) reveals that the global
dynamic recovery for Tax Free Shopping has remained stable across
Continental Europe, with a continued acceleration in Asia
Pacific.
Globally, issued Sales in Store like-for-like recovery reached
127%1 in November versus 123%1 in October and Q3 ’23.
A solid recovery in Continental Europe
In Continental Europe, the recovery remains solid reaching 118%1
in November vs. 115%1 in October and 119%1 in Q3 ’23, despite the
events in Palestine. This solid performance is mainly due to an
increase in Gulf Cooperation Council and Mainland Chinese shopper
activity. Excluding Mainland Chinese and Russian shoppers, the
recovery in November would have reached 150%1 vs. 154%1 in October
and 157%1 in Q3 ‘23.
Regarding origin markets, Gulf Cooperation Council
shoppers have maintained a strong level of recovery, benefitting
from Saudi Arabian shoppers’ half-term school vacation effect. The
recovery reached 257%1 in November vs. 241%1 in October and 200%1
in Q3 ’23. Conversely, the recovery for US residents has slightly
softened, reaching 235%1 in November vs. 260%1 in October and 258%1
in Q3 ‘23.
In terms of destination markets, November has maintained
a stable recovery across most destinations with Switzerland at
144%1, France at 139%1, Spain at 137%1, Greece at 135%1, and Italy
at 123%1.
Asia Pacific recovery continues to propel
In Asia Pacific, the recovery rate continues to accelerate,
reaching 152%1 in November vs. 147%1 in October and 134%1 in Q3
‘23. While Mainland Chinese shopper recovery remains stable, other
Asian nationalities have driven this acceleration. When excluding
Mainland Chinese shoppers (who represented 55% of Sales in Store in
the region in 2019), the recovery would have reached 202%1 in
November vs. 189%1 in October and 169%1 in Q3 ‘23.
In terms of origin markets, residents from Hong Kong and
Taiwan and North East Asia continue to drive the strong recovery in
Asia Pacific. The recovery for Hong Kong and Taiwan travelers
remains significantly high, reaching 554%1 in November, in line
with October and vs. 448%1 in Q3 ‘23. Following closely behind are
North East Asia travelers, with a recovery rate of 336%1 in
November vs. 276%1 in October and 203%1 in Q3 ‘23. Mainland Chinese
shoppers have also remained strong, with a recovery rate reaching
102%1 in November vs.109%1 in October and 105%1 in Q3 ‘23.
When examining destination markets, Japan continues to
progress in Asia Pacific, reaching 220%1 in November, followed by
South Korea at 114%1.
Worldwide recovery of Mainland Chinese shoppers
In November, the worldwide Sales in Store like-for-like recovery
of Mainland China shoppers reached 82%1 in November vs. 74%1 in
October and 54%1 in Q2’23.
In Asia Pacific, the pace of the recovery has slightly
slowed down, reaching 102%1 in November vs. 109%1 in October and
105%1 in Q3 ’23. This was driven by a continued low return of
Chinese shoppers (42%), mainly due to limited air capacity recovery
to Japan (42%2), which was, however, compensated by a significant
increase in the average spend per shopper (143%1) vs. 2019.
In Continental Europe, while the recovery remains
constrained due to the lead time required for visa issuance and the
absence of group travel, the Sales in Store like-for-like recovery
of Mainland China shoppers has accelerated, reaching 65%1 in
November vs. 52%1 in October vs. 45%1 in Q3 ’23.
This performance was driven by an acceleration in both the
return of Chinese shoppers (44%), and in air capacity recovery
(71%2) and an increase in average spend per shopper 48%3.
APPENDIX
YTD Data
Issued SIS L/L recovery1 (in %
of 2019)
November 2023
October 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Continental Europe
118%
115%
119%
121%
109%
104%
101%
Asia Pacific
152%
147%
134%
111%
87%
80%
51%
TOTAL
127%
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, November 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 – November 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/20231207385935/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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