Fresh 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 strong acceleration in Asia
Pacific.
Globally, issued Sales in Store like-for-like recovery reached
121%1 in July versus 118%1 in Q2 2023.
A stable recovery in Continental Europe
In Continental Europe, the recovery remains stable, reaching
118%1 in July vs. 121%1 in Q2 2023. Excluding Mainland Chinese and
Russian shoppers, the recovery would have reached 156%1 in
July.
In terms of origin markets, both US and GCC residents
have remained at high levels, with US shopper recovery reaching
257%1 in July vs. 270%1 in Q2 2023, and Gulf Cooperation Council
shopper recovery reaching 221%1 in July vs. 224%1 in Q2 2023.
Regarding destination markets, July witnessed a stable
recovery across most destinations, with Greece at 182%1, France at
136%1, Spain at 127%1, Italy at 122%1, and Switzerland at
121%1.
Significant improvement in Asia Pacific recovery
In Asia Pacific, the recovery rate continues to experience a
rapid increase, reaching 134%1 in July vs. 111%1 in Q2 2023. When
excluding Mainland Chinese shoppers (who represented 55% of the
Sales in Store in the region in 2019), the recovery would have
reached 176%1 in July.
Regarding origin markets, Mainland Chinese shoppers,
along with Hong Kong and Taiwan residents, continue to play a key
role in driving the accelerating recovery in Asia Pacific. Mainland
Chinese shoppers have reached 2019 levels for the first-time at
100%1 in July vs. 60%1 in Q2 2023. Recovery levels among Hong Kong
and Taiwan residents have also remained strong, reaching 393%1 in
July vs. 395%1 in Q2 2023. Following closely are North East Asia
residents, with a recovery rate of 191%1 in July vs. 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 170%1 in July, followed by South Korea at 124%1.
A gradual recovery for Mainland Chinese shoppers
The ongoing progressive air capacity recovery has played a
pivotal role in driving a consistent enhancement in Sales in Store
like-for-like recovery for Mainland Chinese shoppers. It reached
65%1 worldwide in July vs. 54%1 in Q2 2023.
In terms of air capacity recovery rates, July witnessed the same
levels in Continental Europe (51%2) and in Asia Pacific (51%2).
The Sales in Store like-for-like recovery is stronger in Asia
Pacific (100%1) than in Continental Europe (40%1), where visa
issuance and travel costs remain key barriers to a stronger
recovery.
Notably, Asia Pacific has witnessed a higher average spend
progression per shopper (119%3) compared to Continental Europe
(34%3).
APPENDIX
YTD Data
Issued SIS L/L recovery1 (in %
of 2019)
July 2023
June 2023
May 2023
April 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Q1 2022
Continental Europe
118%
130%
121%
110%
109%
104%
101%
75%
53%
Asia Pacific
134%
125%
110%
99%
87%
80%
51%
39%
16%
TOTAL
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, July 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 – July 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/20230810791723/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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