- Recent data from Global Blue shows that the global dynamic recovery of tax-free shopping remains strong in continental Europe and continues to accelerate in Asia Pacific.
- Globally, the like-for-like recovery in in-store sales reached 145%1 in March 2024 compared to the same period in 2019, up from 138%1 in January-February 2024.
SIGNY, Switzerland–(BUSINESS WIRE)–A steady global recovery compared to 2019 levels
In continental Europe, The recovery in March 2024 is slightly higher than the recovery in January-February 2024, reaching 130%1 in March compared to 128%1 in January-February, reflecting a strong recovery in France (160%1), Spain (152%1) and Italy (135%1).
Regarding Source marketsThe recovery of US buyers accelerated, reaching 313%1 in March compared to 301%1 in January/February. The recovery of GCC shoppers was negatively impacted by the postponement of the start of Ramadan2, reaching 184%1 in March compared to 329%1 in January/February.
In Asia Pacific, The recovery rate reached a record high of 181%1 in March, up from 159%1 in January/February, driven by strong performance in Japan (235%1) and South Korea (127%1), as well as an acceleration in Singapore, up from 111%1 84%1 in January/February.
With reference to Source marketsTravelers from Hong Kong and Taiwan continue to drive the recovery, reaching 560%1 in March compared to 474%1 in January/February. This is followed by travelers from Northeast Asia with a recovery rate of 320%1 in March compared to 271%1 in January/February.
With reference to buyers from mainland China, Global like-for-like store sales recovery reached 101%1 in March compared to 101%1 in January/February. Within continental Europe, The recovery of buyers in mainland China reached 70%1 in March, compared to 75%1 in January/February. In Asia Pacific, The recovery of buyers in mainland China remains strong, reaching 127%1 in March compared to 124%1 in January/February.
A strong annual performance in international purchasing
Analyzing the year-on-year fluctuations in Tax Free Shopping growth revealed that global issue sales performance on a like-for-like basis reached +33% year-on-year in March 2024.
The spent sales in the store in Continental Europe grew by +9%3 in March 2024 compared to last year, and 13% adjusted for the 11-day shift of Ramadan compared to last year2.
Regarding Source marketsGrowth was positively impacted by most nationalities, with buyers from mainland China leading the way with a growth rate of +43%3 in March 2024. Influenced by the postponement of Ramadan by 11 days compared to last year[4]GCC buyer growth was negatively impacted with a growth rate of -30%3, while US buyer tax-free spending reached +11%3.
In Asia PacificThe growth rate remains high and reached +102%3 in March 2024 compared to the previous year. All nationalities contributed positively, with buyers from Mainland China leading the way with +223%3 in March 2024 over 2023, buyers from the Northeast with +129%3 and buyers from Hong Kong and Taiwan with +55%3.
ATTACHMENT
Global recovery rate (compared to 2019).
|
Issued SIS L/L recovery1 (in % of 2019) |
% tax-free expenses (2019) |
march 2024 |
February 2024 |
January 2024 |
Q4 2023 |
Q3 2023 |
|
France |
22% |
160% |
174% |
164% |
140% |
138% |
|
Italy |
24% |
135% |
131% |
111% |
123% |
126% |
|
Spain |
14% |
152% |
134% |
153% |
133% |
127% |
|
Germany |
13% |
69% |
71% |
70% |
74% |
70% |
|
Other countries |
27% |
121% |
127% |
121% |
111% |
119% |
|
Entire continental Europe |
100% |
130% |
132% |
125% |
118% |
119% |
|
Japan |
54% |
235% |
229% |
232% |
225% |
185% |
|
Singapore |
42% |
111% |
84% |
85% |
75% |
84% |
|
South Korea |
4% |
127% |
118% |
131% |
111% |
116% |
|
Total Asia Pacific |
100% |
181% |
159% |
161% |
150% |
134% |
|
Total worldwide |
100% |
145% |
141% |
135% |
127% |
123% |
Global year-on-year growth rate (2024 vs. 2023)
|
Issued SIS L/L year for year growth3 |
march 2024 |
February 2024 |
January 2024 |
CY (2023) |
|
France |
+3% |
+21% |
+11% |
26% |
|
Italy |
+20% |
+44% |
+26% |
25% |
|
Spain |
+18% |
+52% |
+31% |
15% |
|
Germany |
-10% |
+9% |
+20% |
8th % |
|
Other countries |
+9% |
+30% |
+8% |
26% |
|
Entire continental Europe |
+9% |
+32% |
+17% |
100% |
|
Japan |
+146% |
+170% |
+100% |
65% |
|
Singapore |
+24% |
+36% |
+15% |
27% |
|
South Korea |
+96% |
+138% |
+108% |
8th % |
|
Total Asia Pacific |
+102% |
+120% |
+71% |
100% |
|
Total worldwide |
+33% |
57% |
+34% |
100% |
GLOSSARY
– Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman
– Southeast Asia includes: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore
– Northeast Asia includes: Japan, South Korea
ABOUT GLOBAL BLUE
Global Blue is the business partner for the shopping journey, providing technology and services to enhance the experience and increase performance.
With over 40 years of experience, today we connect thousands of retailers, shoppers and hotels with nearly 80 million consumers in 53 countries across three verticals: Tax Free Shopping, Payments and Post-Purchase Solutions.
With over 2,000 employees, Global Blue generated branch sales of 20 billion euros and sales of 311 million euros in the 2022/23 financial year. Global Blue is listed on the New York Stock Exchange.
For more information, visit www.globalblue.com
Global Blue Monthly Intelligence Briefing, March 2024, Source: Global Blue
1 The recovery rate is equal to the spent in-store sales in 2024 divided by the spent in-store sales in 2019, comparable (i.e., constant dealer size and constant exchange rates).
2 Ramadan took place from March 10 to April 9, 2024; while it took place from May 5th to June 3rd, 2019.
3 Year-on-year variation in growth rate (2024 vs. the same period in 2023)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240411918276/en/
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Virginie Alem “ SVP Marketing & Communications
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Source: Global Blue