- Fresh data from Global Blue reveals that the global dynamic
recovery for Tax Free Shopping remains strong across Continental
Europe and continues to accelerate across Asia Pacific.
- Globally, issued Sales in Store like-for-like recovery
reached 145%1 in March 2024 compared to the same period in 2019,
vs. 138%1 in January/February 2024.
A steady worldwide recovery, compared to 2019 levels
In Continental Europe, March 2024 recovery is slightly
ahead of January/February 2024 recovery, reaching 130%1 in March
vs. 128%1 in January/February, driven by a strong recovery in
France (160%1), Spain (152%1) and Italy (135%1).
Regarding origin markets, US shopper recovery
accelerated, reaching 313%1 in March vs. 301%1 in January/February.
GCC shopper recovery was negatively impacted by the shift of the
beginning of Ramadan2, reaching 184%1 in March vs. 329%1 in
January/February.
In Asia Pacific, the recovery rate reached a record level
at 181%1 in March vs. 159%1 in January/February, driven by a strong
performance in Japan (235%1) and South Korea (127%1), and an
acceleration in Singapore to 111%1 vs. 84%1 in
January/February.
In terms of origin markets, travelers from Hong Kong and
Taiwan continue to drive the recovery, reaching 560%1 in March vs.
474%1 in January/February. Following behind are North East Asia
travelers, with a recovery rate of 320%1 in March vs. 271%1 in
January/February.
In terms of Mainland Chinese shoppers, the worldwide
issued Sales in Store like-for-like recovery reached 101%1 in March
vs. 101%1 in January/February. Within Continental Europe,
Mainland Chinese shopper recovery reached 70%1 in March, vs 75%1 in
January/February. In Asia Pacific, Mainland Chinese shopper
recovery remains strong, reaching 127%1 in March vs. 124%1 in
January/February.
A strong year-on-year performance for international
shopping
When analyzing the year-on-year variation in Tax Free Shopping
growth, the worldwide Issue Sales like-for-like year-on-year
performance reached +33% in March 2024 vs. last year.
The issued Sales in Store in Continental Europe grew by
+9%3 in March 2024 vs. last year, and 13% restated from the 11-day
shift of Ramadan vs. last year2.
Regarding origin markets, the growth was positively
influenced by most nationalities, with Mainland Chinese shoppers
leading the way with a +43%3 growth rate in March 2024. Influenced
by the 11-day shift of Ramadan vs. last year[4], GCC shopper growth
was negatively impacted with a -30%3 growth rate, while US
shoppers’ Tax Free Spend reached +11%3.
In Asia Pacific, the growth rate continues to remain
high, reaching +102%3 in March 2024 vs. last year. All
nationalities contributed positively, with Mainland Chinese
shoppers leading the way at +223%3 in March 2024 vs. 2023, North
East shoppers at +129%3 and Hong Kong and Taiwan shoppers at
+55%3.
APPENDIX
Worldwide recovery rate (versus 2019) rate
Issued SIS L/L
recovery1
(in % of 2019)
% Tax Free Spend
(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%
Total 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%
Worldwide Year-on-Year Growth Rate (2024 vs. 2023)
Issued SIS L/L
Year-on-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%
8%
Other countries
+9%
+30%
+8%
26%
Total Continental
Europe
+9%
+32%
+17%
100%
Japan
+146%
+170%
+100%
65%
Singapore
+24%
+36%
+15%
27%
South Korea
+96%
+138%
+108%
8%
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 -
South East Asia includes: Indonesia, Thailand, Cambodia,
Philippines, Vietnam, Malaysia, Singapore - North East Asia
includes: Japan, South Korea
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For more information, please visit www.globalblue.com
Global Blue Monthly Intelligence Briefing, March 2024, Source:
Global Blue
1 Recovery rate is equal to 2024 Issued Sales in Store divided
by 2019 Issued Sales in Store, like-for-like (i.e.: at constant
merchant scope and exchange rates).
2 Ramadan took place from March 10 to April 9 in 2024; while it
took place from May 5 to June 3in 2019.
3 Growth rate variation year-on-year (2024 vs. the same period
in 2023)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240411918276/en/
MEDIA Virginie Alem – SVP Marketing & Communications
Mail: valem@globalblue.com
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Relations Mob: +44 (0)7815 034 212 Mail:
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