New data from Global Blue reveals that the overall dynamic
recovery for Tax Free Shopping has accelerated across Continental
Europe and Asia Pacific.
Globally, issued Sales in Store like-for-like recovery has
propelled to 128% in June1 versus 112%1 in April/May.
This increase is due to two primary factors. Firstly, there has
been a re-acceleration to Q1 2023 levels in the recovery of US and
Gulf Cooperation Council shoppers in Continental Europe. Secondly,
Mainland Chinese shoppers have shown an accelerated recovery,
particularly in Asia Pacific, where there are fewer travel-related
barriers.
Continental Europe recovery accelerates
In Continental Europe, the recovery has accelerated, reaching
130%1 in June vs. 115%1 in April/May. When excluding Mainland
Chinese and Russian shoppers, the recovery would have reached 166%1
in June.
In terms of origin markets, there has been a
re-acceleration to Q1 2023 levels in the recovery of US and Gulf
Cooperation Council residents in Continental Europe. Last month, US
shopper recovery accelerated, reaching 285%1 vs. 260%1 in
April/May. Gulf Cooperation Council shoppers also displayed a solid
recovery, reaching 250%1 in June vs. 208%1 in April/May. Similarly,
Mainland China shoppers demonstrated a slight increase in recovery,
reaching 52%1 in June vs. 45%1 in April/May.
In terms of destination markets, June witnessed an
improving recovery across all destinations, predominantly led by
Greece at 197%1, France at 153%1, Switzerland at 142%1, Italy at
141%1 and Spain at 122%1.
Recovery in Asia Pacific continues to propel
In Asia Pacific, the recovery rate continues to experience a
rapid increase, reaching 125%1 in June vs. 104%1 in April/May. When
excluding Mainland Chinese shoppers (which represented 55% of the
Sales in Store in the region in 2019), the recovery would have
reached 174%1 in June.
Regarding origin markets, Mainland Chinese shoppers and
Hong Kong and Taiwan residents have played a key role in driving
the accelerating recovery in Asia Pacific. In June, Mainland
Chinese shoppers reached a high level of recovery of 83%1 vs. 52%1
in April/May, while the recovery levels among Hong Kong and Taiwan
residents have remained consistently elevated, reaching 466%1 in
June vs. 360%1 in April/May. Following closely are North East Asia
residents, with a recovery rate of 177%1 in June vs. 138%1 in
April/May.
When examining destination markets, Japan has taken the
lead with a Sales in Store like-for-like recovery at 154%1 in June,
followed by South Korea at 114%1.
A gradual recovery for Mainland Chinese shoppers
The ongoing progressive air capacity recovery has played a
significant role in driving a consistent improvement in the Sales
in Store like-for-like recovery for Mainland Chinese shoppers. It
reached 65%1 worldwide vs. 48%1 in April/May.
In terms of air capacity recovery rates, June witnessed similar
levels in Continental Europe (48%2) and in Asia Pacific (45%2).
However, the Sales in Store like-for-like recovery has been faster
in Asia Pacific (83%1) than in Europe (52%1) as there are fewer
travel-related barriers (passport and visa issuance, travel costs
etc.) Furthermore, there is a higher average spend progression per
shopper in Asia Pacific (132%3) compared to Continental Europe
(54%3). Across both Continental Europe and Asia Pacific Chinese
Millennial and Gen Z shoppers are leading the recovery.
The recovery of Mainland Chinese travelers is expected to gain
momentum in the coming months. This growth will be driven by a
projected increase in air capacity (expected to surpass 50%2 in
both Continental Europe and Asia Pacific in the coming months) and
a strong willingness to travel, reaching 75%4 in June.
APPENDIX
YTD Data
Issued SIS L/L recovery1
(in % of 2019)
June
2023
May
2023
April
2023
Q1
2023
Q4
2022
Q3
2022
Q2
2022
Q1
2022
Continental Europe
130%
121%
110%
109%
104%
101%
75%
53%
Asia Pacific
125%
110%
99%
87%
80%
51%
39%
16%
TOTAL
128%
118%
106%
101%
97%
89%
65%
40%
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, June 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 – June 2023
3 Mainland Chinese shoppers increase of average spend per
international shopper versus 2019
4 Global Blue Willingness to travel survey
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version on businesswire.com: https://www.businesswire.com/news/home/20230706671659/en/
MEDIA CONTACTS
Virginie Alem – SVP Marketing & Communications Mail:
valem@globalblue.com
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034 212 Mail: fgibbons@globalblue.com
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