New data from Global Blue (NYSE:GB) reveals that the
overall global dynamic recovery for Tax Free Shopping has remained
stable in Continental Europe, with a continued acceleration in Asia
Pacific.
Globally, issued Sales in Store like-for-like recovery reached
119%1 in August versus 121%1 in July and 118%1 in Q2 2023.
A stable recovery in Continental Europe
In Continental Europe, the recovery remains generally stable,
with a slight softening to 114%1 in August vs. 118%1 in July and
121%1 in Q2 2023. Excluding Mainland Chinese and Russian shoppers,
recovery would have reached 158%1 in August.
In terms of origin markets, US residents have maintained
a strong level of recovery, reaching 261%1 in August vs. 257%1 in
July and 270%1 in Q2 2023.
In contrast, Gulf Cooperation Council shopper recovery has
marginally softened to 170%1 in August vs. 221%1 in July and 224%1
in Q2 2023. This is mainly attributed to a high basis of
comparison, owing to the Eid al-Adha celebration in August 2019
when the base of shoppers was significantly inflated, while this
year’s celebration occurred in June.
Regarding destination markets, August witnessed an
overall stable recovery across most destinations, with Greece at
165%1, France at 134%1, Italy at 124%1, Spain at 122%1 and
Switzerland at 116%1.
A sustained recovery in Asia Pacific
In Asia Pacific, the recovery rate remains at high levels,
reaching 133%1 in August vs. 134%1 in July and 111%1 in Q2 2023.
When excluding Mainland Chinese shoppers (who represented 55% of
Sales in Store in the region in 2019), the recovery would have
reached 175%1 in August.
Regarding origin markets, Mainland Chinese shoppers,
along with Hong Kong and Taiwan residents, continued to drive the
strong recovery in Asia Pacific. Mainland Chinese shoppers
surpassed 2019 levels for the first time, with a recovery rate
reaching 109%1 in August vs. 100%1 in July and 60%1 in Q2 2023. The
recovery for Hong Kong and Taiwan residents remains solid, reaching
461%1 in August vs. 393%1 in July and 395%1 in Q2 2023. Following
closely are North East Asia residents, with a recovery rate of
195%1 in August vs. 191%1 in July and 150%1 in Q2 2023.
When examining destination markets, Japan continues to
take the lead with a Sales in Store like-for-like recovery
propelling to 189%1 in August, followed by South Korea at
112%1.
A gradual recovery for Mainland Chinese shoppers
In August, the Sales in Store like-for-like recovery of Mainland
China shoppers within the Asia Pacific region was very
strong, reaching 109%1. This was driven by the progressive increase
in air capacity (55%2) and a significant increase in the average
spend per shopper (110%1) vs. 2019.
In contrast, the Sales in Store like-for-like recovery of
Mainland China shoppers in Continental Europe reached 41%1
despite a 54%2 air capacity recovery. The main reasons explaining
this slower performance in Continental Europe are the lead time
required for visa issuance, the absence of group travel so far and
a more moderate increase in average spend per shopper at 46%3. This
more moderate increase in recovery could be attributed to a higher
presence of the younger generation shoppers in Continental Europe,
with less purchasing power, as well as less favorable exchange
rates for Chinese shoppers in Continental Europe compared to Asia
Pacific.
APPENDIX
YTD Data
Issued SIS L/L recovery1 (in %
of 2019)
August
2023
July
2023
June
2023
May
2023
April
2023
Q1
2023
Q4
2022
Q3
2022
Q2
2022
Q1
2022
Continental Europe
114%
118%
130%
121%
110%
109%
104%
101%
75%
53%
Asia Pacific
133%
134%
125%
110%
99%
87%
80%
51%
39%
16%
TOTAL
119%
121%
128%
118%
106%
101%
97%
89%
65%
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 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, August 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 – August 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/20230907560204/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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