Global Blue Releases the Monthly Tax Free Shopping Business Update for June 2024 By Investing.com
- New data from Global Blue reveals that the global dynamic recovery in tax-free shopping has accelerated across continental Europe and the Asia-Pacific region.
- Globally, the recovery rate of exported store sales was 168%1 in June 2024 compared to the same period in 2019, compared to 163%1 in April/May 2024 and 140%1 in Q1 2024.
SIGNY, Switzerland – (Wednesday, February 13, 2016) –Global recovery accelerates compared to 2019 levels
GloballyThe recovery in June 2024 is ahead of the recovery in April/May 2024, reaching 168%1 compared to 163%1 in April/May and 140%1 in Q1. This is due to strong momentum in various destinations.
In continental Europe, The recovery in June 2024 accelerated slightly compared to April/May 2024, reaching 147%1 in June compared to 141%1 in April/May and 128%1 in the first quarter, driven by strong recoveries in France (164%1), Spain (160%1) and Italy (163%1). Original MarketsThe GCC shopper recovery significantly offset the positive impact of the June recovery, reaching 335%1 versus 302%1 in April and May. This seasonal boost is linked to the shift in the Eid al-Adha calendar. 2 Shopper recovery in the US also remains strong, reaching 317%1 in June versus 308%1 in April and May.
in Asia Pacific, The recovery rate remained strong at 236.1% in June compared to 223.1% in April/May. Original MarketsTravellers from Hong Kong and Taiwan continue to lead the recovery, with a recovery rate of 764%1 in June versus 601%1 in April/May. Travellers from Northeast Asia follow closely, with a recovery rate of 386%1 in June versus 352%1 in April/May.
to Chinese shoppersThe recovery rate in global store sales was 122%1 in June, in line with April/May and 101%1 in Q1 2024. continental europeThe recovery rate of shoppers in mainland China was 58%1 in June, compared with 63%1 in April/May. Asia PacificThe recovery of shoppers in mainland China continues to accelerate, reaching 214%1 in June and 190%1 in April and May.
Strong year-on-year performance for international shopping
When analyzing year-to-year variation in tax-free shopping growth, all over the world Year-on-year in-store sales performance was +32%3 in June 2024 versus +47%3 in April/May and +40%3 in Q1.
in continental europeIn-store sales growth rate increased by +14%3 in June 2024 compared to the previous year, influenced by positive cross-national dynamics. Regarding Original MarketsThe positive momentum for in-store retail sales growth is evident across all nationalities, with GCC shoppers leading the way, with the US at +39%3 and China at +13%3 growth in June 2024.
in Asia PacificIn-store sales growth remains high, reaching +92%3 in June 2024 compared to last year. All nationalities Chinese consumers contributed positively, with mainland Chinese leading the way at +161%3 in June 2024 compared to 2023, shoppers from the Northeast at +122%3 and Hong Kong and Taiwan at +66%3.
appendix
Global recovery rate (compared to 2019 rate)
|
Refund of SIS L/L issued1 (% of 2019) |
% SIS 2019 Released |
June 2024 |
maybe 2024 |
April 2024 |
He walks 2024 |
First quarter of the fiscal year 2024 |
Fourth quarter of the fiscal year 2023 |
|
France |
22% |
164% |
170% |
158% |
160% |
165% |
140% |
|
Italy |
24% |
163% |
164% |
145% |
135% |
123% |
123% |
|
Spain |
14% |
160% |
169% |
166% |
152% |
151% |
133% |
|
Germany |
13% |
90% |
73% |
73% |
69% |
65% |
74% |
|
Other countries |
27% |
137% |
127% |
129% |
121% |
126% |
111% |
|
Continental Europe Total |
100% |
147% |
145% |
137% |
130% |
128% |
118% |
|
Japan |
54% |
359% |
360% |
262% |
235% |
232% |
225% |
|
Singapore |
42% |
85% |
103% |
81% |
111% |
92% |
75% |
|
South Korea |
4% |
170% |
164% |
140% |
127% |
125% |
111% |
|
Asia Pacific Group |
100% |
236% |
250% |
192% |
181% |
166% |
150% |
|
Global total |
100% |
168% |
172% |
153% |
145% |
140% |
127% |
Global annual growth rate (2024 vs 2023)
|
SIS L/L issued On an annual basis growth3 |
% SIS 2023 Released |
June 2024 |
maybe 2024 |
April 2024 |
He walks 2024 |
February 2024 |
Cypriot Q1 2024 |
|
France |
26% |
+5% |
+14% |
+13% |
+3% |
+21% |
+11% |
|
Italy |
25% |
+15% |
+29% |
+30% |
+20% |
+44% |
+29% |
|
Spain |
15% |
+29% |
+33% |
+38% |
+18% |
+52% |
+32% |
|
Germany |
8% |
-1% |
-7% |
+15% |
-10% |
+9% |
+6% |
|
Other countries |
26% |
+16% |
+21% |
+24% |
+9% |
+30% |
+16% |
|
Continental Europe Total |
100% |
+14% |
+19% |
+25% |
+9% |
+32% |
+19% |
|
Japan |
65% |
+135% |
+222% |
+167% |
+146% |
+170% |
+137% |
|
Singapore |
27% |
-2% |
+2% |
-4% |
+24% |
+36% |
25% |
|
South Korea |
8% |
+61% |
+58% |
+63% |
+96% |
+138% |
110% |
|
Asia Pacific Group |
100% |
+92% |
+134% |
+103% |
+102% |
+120% |
97% |
|
Global total |
100% |
+32% |
+47% |
+46% |
+33% |
57% |
40% |
Glossary
The Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman.
– Southeast Asia region includes: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore
– Northeast Asia includes: Japan and South Korea.
About Global Blue
Global Blue is the business partner for your shopping journey, providing technology and services to enhance the experience and boost performance.
With over 40 years of experience, today we connect thousands of retailers, buyers and hotels with nearly 80 million consumers in 53 countries, in three segments: tax-free shopping, payments and post-purchase solutions.
With more than 2,000 employees, Global Blue generated sales of €28 billion in stores and revenues of €422 million in the 2023/24 financial year. Global Blue is listed on the New York Stock Exchange.
For more information, please visit www.globalblue.com
Global Blue Monthly Intelligence Bulletin, June 2024, Source: Global Blue
1 The redemption rate equals 2024 in-store sales divided by 2019 in-store sales, similarly (i.e., at fixed merchant range and exchange rates).
2 Eid al-Adha will be from June 15, 2024 to June 20, 2024, while it will be from August 10, 2019 to August 14, 2019.
3 Growth rate variation from year to year (2024 vs. same period in 2023)
View the original press release on businesswire.com: https://www.businesswire.com/news/home/20240705935221/en/
Media
Virginie Alem, Senior Vice President, Marketing & Communications
Email: valem@globalblue.com
Investor Relations
Frances Gibbons, Head of Investor Relations
Mobile: +44 (0)7815 034 212
Email: fgibbons@globalblue.com
Source: Global Blue
