Fresh data from Global Blue (NYSE:GB) reveals that the global
dynamic recovery for Tax Free Shopping has remained solid across
Continental Europe and Asia Pacific compared to previous
months.
Globally, issued Sales in Store like-for-like recovery reached
130%1 in December versus 125%1 in October/November and 123%1 in Q3
’23.
A sustained recovery in Continental Europe
In Continental Europe, the recovery remains solid reaching 121%1
in December vs. 117%1 in October/November and 119%1 in Q3 ’23,
despite the events in Palestine. Excluding Mainland Chinese and
Russian shoppers, (who represented 25% and 8% of Sales in Store in
the region in 2019), the recovery would have reached 154%1 in
December vs. 153%1 in October/November and 157%1 in Q3 ‘23.
In terms of origin markets, US shoppers have sustained a
strong level of recovery, reaching 246%1 in December, consistent
with October/November at 249%1 and Q3 ’23 at 258%1. GCC shopper
recovery also remains solid at 230%1 in December, vs. 248%1 in
October/November and 200%1 in Q3 ‘23.
Regarding destination markets, December has maintained a
stable recovery across most destinations with Greece at 165%1,
France at 145%1, Spain at 143%1, Switzerland at 133%1, and Italy at
119%1.
A steady recovery in Asia Pacific
In Asia Pacific, the recovery rate remains solid, reaching 151%1
in December vs. 149%1 in October/November and 134%1 in Q3 ‘23 with
Japan driving the acceleration in this region.
When excluding Mainland Chinese shoppers (who represented 55% of
Sales in Store in the region in 2019), the recovery would have
reached 198%1 in December vs. 196%1 in October/November and 169%1
in Q3 ‘23.
Regarding origin markets, residents from Hong Kong and
Taiwan and North East Asia continue to drive the strong recovery in
Asia Pacific. Notably, travelers from Hong Kong and Taiwan
sustained a significantly high recovery, reaching 512%1 in December
vs. 555%1 in October/November and 448%1 in Q3 ‘23. Following behind
are North East Asia travelers, with a recovery rate of 336%1 in
December vs. 306%1 in October/November and 203%1 in Q3 ‘23.
When examining destination markets, Japan continues to
propel in Asia Pacific due to the attraction of the weakened
Japanese Yen, reaching 231%1 in December, followed by South Korea
at 106%1.
Worldwide recovery of Mainland Chinese shoppers
In December, the worldwide Sales in Store like-for-like recovery
of Mainland China shoppers reached 82%1 vs. 77%1 in
October/November and 70%1 in Q3’23.
Within Continental Europe, the Sales in Store
like-for-like recovery among Mainland China shoppers has remained
in line with previous months, bearing in mind that constraints such
as the lead time required for visa issuance and limited group
travel were still present in December. The recovery reached 58%1 in
December vs. 57%1 in October/November and 45%1 in Q3 ’23.
In Asia Pacific, the pace of the recovery has remained
solid, reaching 104%1 in December in line with October/November at
105%1 and Q3 ’23 at 105%1.
APPENDIX
YTD Data
Issued SIS L/L recovery1 (in %
of 2019)
December 2023
November 2023
October 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Continental Europe
121%
118%
115%
119%
121%
109%
104%
101%
Asia Pacific
151%
152%
147%
134%
111%
87%
80%
51%
TOTAL
130%
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, December 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).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240111878557/en/
MEDIA CONTACTS Virginie Alem – SVP Marketing &
Communications Mail: valem@globalblue.com
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Investor Relations Mob: +44 (0)7815 034 212 Mail:
fgibbons@globalblue.com
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