Global Blue Tax-Free Shopping Surges 17% YoY, Asian Markets Lead Growth

Global Blue Tax-Free Shopping Surges 17% YoY, Asian Markets Lead Growth | GB Stock News

Posted by Admin November 7, 2024 Shopping

Global Blue reports a 17% year-on-year growth in Tax Free Shopping for October 2024. Continental Europe saw a 12% increase in issued Sales in Store, driven by a 14% rise in shopper numbers, despite a 2% decrease in average spend. GCC shoppers led with 29% growth, followed by Mainland Chinese at 15%. In Asia Pacific, sales grew 29%, with a 32% increase in shoppers but a 2% decrease in average spend. Mainland Chinese spending in Asia Pacific surged 50%, while destination markets showed strong performance: South Korea (+42%), Japan (+32%), and Singapore (+16%).

Positive

17% worldwide growth in Tax Free Shopping sales

29% growth in GCC shopper spending in Continental Europe

50% increase in Mainland Chinese spending in Asia Pacific

Strong destination market performance: South Korea (+42%), Japan (+32%)

14% increase in number of shoppers in Continental Europe

Negative

2% decrease in average spend per shopper in Continental Europe

2% decline in average spend per shopper in Asia Pacific

5% decline in Germany’s Tax Free Shopping sales

2% softening in Hong Kong and Taiwan spending

Insights

The October 2024 Tax Free Shopping data reveals significant growth trends across major markets. Continental Europe showed a +12% increase in issued Sales in Store, driven by a 14% rise in shopper numbers. Key highlights include GCC shoppers leading with 29% growth and strong performances in Spain (21%) and Italy (15%).

Asia Pacific demonstrated remarkable growth at 29%, with Mainland Chinese spending surging 50%. The recovery versus 2019 is particularly noteworthy, with Japan reaching 293% of pre-pandemic levels. This robust performance, especially during the Golden Week period, indicates strong consumer confidence and travel recovery in the luxury retail sector.

The data suggests a healthy global luxury retail market, though with some regional variations. The slight decline in average spend per shopper (-2%) across regions warrants monitoring, as it may reflect broader economic pressures and inflation impacts.

11/07/2024 – 06:15 AM

Fresh data from Global Blue reveals that the worldwide growth in Tax Free Shopping is positive across Continental Europe and Asia Pacific: Issued Sales in Store like-for-like year-on-year performance reached +17%¹ in October 2024.

SIGNY, Switzerland–(BUSINESS WIRE)–
A sustained performance in Continental Europe for international shopping

In Continental Europe, the issued Sales in Store growth rate increased by +12%¹ in October 2024 vs. last year. This growth was led by a +14%¹ increase in the number of shoppers and was slightly impacted by a softening of –2%¹ in the average spend per shopper, as a result of an overall inflation slowdown.

When examining origin markets, the positive momentum in issued Sales in Store growth is solid across most nationalities. GCC shopper Tax Free Spend led the way at +29%¹ vs. last year, followed by Mainland Chinese shoppers at +15%¹ and US shoppers at +10%¹.

Regarding destination markets, October showed a solid performance in Spain at +21%¹ and Italy at +15%¹, and France’s Tax Free Spend was back to pre-Olympic levels at +10%¹.

A slowdown of the hyper growth Tax Free Spend in Asia Pacific

In Asia Pacific, the issued Sales in Store growth reached +29%¹in October 2024, led by a +32%¹ increase in the number of shoppers and a –2%¹ decrease in the average spend per shopper.

The growth rate in October re-accelerated compared to +19%¹ in September 2024, primarily due to a weaker Yen against the Chinese RMB.

When examining origin markets, the positive momentum in issued Sales in Store growth continued across all nationalities. Mainland Chinese Tax Free Spend led with a +50%¹ increase, driven by a +76%¹ rise in the number of shoppers, in the context of a solid Golden Week period² in Japan and Singapore. Meanwhile, North East Asia Tax Free Spend grew by +17%¹ vs. last year, while Hong Kong and Taiwan spending experienced a –2%¹ softening vs. last year.

Regarding destination markets, October showed a strong performance across destinations, with South Korea at +42%¹, Japan at +32%¹, and Singapore at +16%¹.

Worldwide Year-on-Year Growth Rate (2024 vs. 2023)

Issued SIS L/L Year-on-Year Growth	Destination market weight in Issued SIS 2023	October 2024	September 2024	CY Q3 2024	CY Q2 2024	CY Q1 2024
France	19%	+10%	+7%	+2%	+10%	+11%
Italy	17%	+15%	+17%	+16%	+22%	+29%
Spain	11%	+21%	+24%	+24%	+33%	+32%
Germany	6%	–5%	–3%	+5%	+2%	+6%
Other countries	18%	+11%	+7%	+10%	+21%	+16%
Total Continental Europe	71%	+12%	+11%	+11%	+19%	+19%
Japan	18%	+32%	+23%	+57%	+172%	+137%
Singapore	8%	+16%	–2%	–3%	–1%	25%
South Korea	2%	+42%	+45%	+42%	+60%	110%
Total Asia Pacific	28%	+42%	+19%	+40%	+109%	97%
Total Latin America	1%	+32%	+19%	+23%	–2%	+9%
Total worldwide	100%	+17%	+13%	+19%	+41%	40%

Worldwide Recovery Rate (versus 2019)

Issued SIS L/L recovery (in % of 2019)	Destination market weight in Issued SIS 2019	October 2024	September 2024	CY Q3 2024	CY Q2 2024	CY Q1 2024
France	16%	150%	158%	144%	164%	165%
Italy	17%	144%	155%	146%	156%	123%
Spain	10%	158%	169%	161%	164%	151%
Germany	9%	66%	79%	75%	80%	65%
Other countries	19%	121%	127%	126%	132%	126%
Total Continental Europe	71%	131%	141%	133%	143%	128%
Japan	14%	293%	243%	290%	327%	232%
Singapore	11%	87%	74%	81%	92%	92%
South Korea	3%	163%	163%	162%	158%	125%
Total Asia Pacific	28%	191%	162%	186%	226%	166%
Total Latin America	1%	132%	142%	104%	101%	94%
Total worldwide	100%	146%	146%	145%	165%	140%

APPENDIX

GLOSSARY

– European Non-EU countries include: Shoppers who can reach destination by land transportation or less than a two hour flight. Ex: Swiss, British, Ukraine etc.

– Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman

– North East Asia countries includes: Japan, South Korea

– South East Asia countries includes: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore

ABOUT GLOBAL BLUE

Global Blue is the business partner for the shopping journey, providing technology and services to enhance the experience and drive performance.

With over 40 years of expertise, today we connect thousands of retailers, acquirers, and hotels with nearly 80 million consumers across 53 countries, in three industries: Tax Free Shopping, Payments and Post-Purchase solutions.

With over 2,000 employees, Global Blue generated €28bn Sales in Store and €422M revenue in FY 2023/24. Global Blue is listed on the New York Stock Exchange.

For more information, please visit www.globalblue.com

Global Blue Monthly Intelligence Briefing, October 2024, Source: Global Blue

¹ Growth rate variation year-on-year (2024 vs. the same period in 2023)

² October 1 to October 7, 2024

View source version on businesswire.com: https://www.businesswire.com/news/home/20241107201087/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

Source: Global Blue

FAQ

What was Global Blue’s (GB) worldwide Tax Free Shopping growth in October 2024?

Global Blue reported a 17% year-on-year growth in worldwide Tax Free Shopping for October 2024.

How did Continental Europe perform in Tax Free Shopping for Global Blue (GB) in October 2024?

Continental Europe showed a 12% growth in issued Sales in Store, with a 14% increase in shopper numbers but a 2% decrease in average spend.

What was Global Blue’s (GB) performance in Asia Pacific for October 2024?

Asia Pacific achieved 29% growth in issued Sales in Store, with a 32% increase in shopper numbers and a 2% decrease in average spend.

Which countries showed the strongest Tax Free Shopping growth for Global Blue (GB) in October 2024?

South Korea (+42%), Japan (+32%), and Spain (+21%) showed the strongest growth in Tax Free Shopping.