Fresh data from Global Blue reveals that the global dynamic
recovery for Tax Free Shopping has gained momentum across
Continental Europe and Asia Pacific.
Globally, issued Sales in Store like-for-like recovery reached
128%1 in September versus 120%1 in July/August.
Continental Europe recovery accelerates
In Continental Europe, the recovery remained solid, returning to
the pre-summer dynamic levels at 1251% in September vs. 116%1 in
July/August. This is due to several factors: a shift in the shopper
profile with a higher proportion of affluent shoppers in September
than in the summer period; a more favorable basis of comparison for
Gulf Cooperation Council shoppers (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); and a gradual return of Mainland Chinese shoppers. Excluding
Mainland Chinese and Russian shoppers, the recovery would have
reached 164%1 in September vs. 154%1 in July/August.
In terms of origin markets, US residents maintain a
strong level of recovery, reaching 258%1 in September vs. 258%1 in
July/August. Gulf Cooperation Council shopper recovery has also
resurged, reaching 253%1 in September vs. 189%1 in July/August.
Regarding destination markets, September witnessed an
overall accelerated recovery across most destinations, with Greece
at 196%1, France at 146%1, Spain at 134%1, Italy at 132%1, and
Switzerland at 125%1.
Asia Pacific recovery remains strong
In Asia Pacific, the recovery rate remained strong overall,
reaching 135%1 in September vs. 134%1 in July/August. When
excluding Mainland Chinese shoppers (who represented 55% of Sales
in Store in the region in 2019), the recovery would have reached
166%1 in September vs. 171%1 in July/August.
Regarding origin markets, residents from Hong Kong and
Taiwan and North East Asia are driving the strong recovery in Asia
Pacific. The recovery for Hong Kong and Taiwan travelers remains
high, reaching 507%1 in September vs. 422%1 in July/August.
Following closely behind are North East Asia travelers, with a
recovery rate of 228%1 in September vs. 193%1 in July/August.
Mainland Chinese shoppers have also remained strong, with a
recovery rate reaching 107%1 in September vs. 105%1 in
July/August.
When examining destination markets, Japan continues to
maintain a stellar performance with regards to Sales in Store
like-for-like recovery, propelling to 198%1 in September, followed
by South Korea at 113%1.
A gradual recovery for Mainland Chinese shoppers
In September, the Sales in Store like-for-like recovery of
Mainland China shoppers within the Asia Pacific region
remained solid, reaching 107%1. This was driven by the progressive
return of Chinese shoppers (47%) broadly in line with air capacity
recovery (56%2) and a significant increase in the average spend per
shopper (128%3) vs. 2019.
In Continental Europe, the Sales in Store like-for-like
recovery of Mainland China shoppers reached 53%1. This performance
was driven by a return of Chinese shoppers (35%) still well below
the air capacity recovery (56%2) due to the lead time required for
visa issuance and the absence of group travel. On the other hand,
we have noticed a solid increase in average spend per shopper at
51%3.
As a side note, during Golden week in 2019, the mix of traveler
nationalities in Continental Europe was more exposed to residents
from Mainland China. Consequently, the overall level of recovery in
Continental Europe is expected to be negatively impacted in October
2023 due to a strong Mainland China base effect in 2019. Such a
negative impact in the Asia Pacific region is not expected.
APPENDIX
YTD Data
Issued SIS L/L recovery1
(in % of 2019)
September
2023
August
2023
July
2023
June
2023
May
2023
April
2023
Q1
2023
Q4
2022
Q3
2022
Q2
2022
Continental Europe
125%
114%
118%
130%
121%
110%
109%
104%
101%
75%
Asia Pacific
135%
133%
134%
125%
110%
99%
87%
80%
51%
39%
TOTAL
125%
119%
121%
128%
118%
106%
101%
97%
89%
65%
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, September 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 – September 2023
3 Mainland Chinese shoppers increase of average spend per
international shopper versus 2019
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231006649337/en/
MEDIA Virginie Alem – SVP Marketing & Communications
Mail: valem@globalblue.com
INVESTOR RELATIONS Frances Gibbons – Head of Investor
Relations Mob: +44 (0)7815 034 212 Mail:
fgibbons@globalblue.com
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