Global Blue reported an accelerating recovery in Tax Free Shopping across Continental Europe and Asia Pacific in June 2024.
Globally, the issued Sales in Store (SIS) like-for-like recovery reached 168% compared to the same period in 2019, up from 163% in April/May 2024 and 140% in Q1 2024. Continental Europe saw a slight improvement, with a recovery rate of 147% in June 2024, driven by strong performances in France (164%), Spain (160%), and Italy (163%).
GCC shoppers had a significant impact, achieving a recovery rate of 335%, while US shoppers reached 317%. In Asia Pacific, the recovery rate was 236%, led by travelers from Hong Kong and Taiwan at 764%. Mainland Chinese shoppers showed a recovery rate of 122%, stable from April/May.
Year-on-year growth in Tax Free Shopping was also impressive, with global SIS growth at 32% in June 2024. Continental Europe showed a 14% increase, while Asia Pacific recorded a 92% rise, driven by Mainland Chinese (161%), North East Asia (122%), and Hong Kong and Taiwan (66%).
Positive
- Global SIS like-for-like recovery at 168% in June 2024, up from 163% in April/May.
- Continental Europe recovery rate at 147%, with strong performances in France (164%), Spain (160%), and Italy (163%).
- GCC shoppers achieved a 335% recovery rate.
- US shoppers’ recovery rate stood at 317%.
- Asia Pacific’s recovery rate at 236%, led by Hong Kong and Taiwan travelers (764%).
- Year-on-year SIS growth at 32% globally, with 14% in Continental Europe and 92% in Asia Pacific.
Negative
- Mainland Chinese shopper recovery in Continental Europe slightly decreased from 63% in April/May to 58% in June.
The recent data from Global Blue signals a significant recovery in the Tax Free Shopping sector, with a noteworthy acceleration trend observed globally. The recovery rates compared to 2019 levels are impressive, particularly in June 2024 where the recovery stood at
Continental Europe and Asia Pacific have shown strong recovery figures, driven by a surge in tourist spending, especially from GCC countries and the US. A
The data suggests that the retail sector, particularly luxury and high-end goods typically purchased tax-free by tourists, is benefiting significantly from this recovery. Investors should consider the potential for continued growth in these areas, particularly in economies with strong tourist inflows. However, it’s important to remain cautious about potential headwinds such as geopolitical instability or economic downturns that could dampen this recovery.
The positive trends in the Tax Free Shopping data reflect a broader recovery in the tourism and retail sectors. The year-on-year growth rates, especially in regions like Asia Pacific with a
Continental Europe’s steady growth, albeit slower than Asia Pacific, points to a recovery that is more gradual but steady, influenced by diverse nationalities contributing positively. This diversified growth is a healthy sign, reducing dependency on a single market and spreading the risk across various regions.
For retail investors, these trends suggest a sustained recovery in sectors dependent on international tourism and shopping. Retail stocks, particularly those with significant exposure to tourist-heavy markets, may see continued benefits as these trends persist. However, it’s important to monitor ongoing economic conditions and travel restrictions, which could impact future growth.
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Fresh data from Global Blue reveals that the global dynamic recovery for Tax Free Shopping accelerated across Continental Europe and
Asia Pacific .
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Globally, issued Sales in Store like-for-like recovery reached
168% 1 in June 2024 compared to the same period in 2019, vs.163% 1 in April/May 2024 and140% 1 in Q1 2024.
SIGNY,
An accelerating worldwide recovery, compared to 2019 levels
Globally, June 2024 recovery is ahead of April/May 2024 recovery, reaching
In Continental Europe, June 2024 recovery has slightly accelerated compared to April/May 2024, reaching
In
For Mainland Chinese shoppers, the worldwide issued Sales in Store like-for-like recovery reached
A strong year-on-year performance for international shopping
When analyzing the year-on-year variation in Tax Free Shopping growth, the worldwide issued Sales in Store like-for-like year-on-year performance reached +
In Continental
In
APPENDIX
Worldwide recovery rate (versus 2019) rate
|
Issued SIS L/L recovery1 (in % of 2019) |
% Issued SIS 2019 |
 June 2024 |
 May 2024 |
 April 2024 |
March 2024 |
 CY Q1 2024 |
CY Q4 2023 |
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Other countries |
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Total Continental Europe |
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Total |
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Total worldwide |
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Worldwide Year-on-Year Growth Rate (2024 vs. 2023)
|
Issued SIS L/L Year-on-Year Growth3 |
% Issued SIS 2023 |
 June 2024 |
 May 2024 |
 April 2024 |
March 2024 |
February 2024 |
 CY Q1 2024 |
|
|
|
+ |
+ |
+ |
+ |
+ |
+ |
|
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+ |
+ |
+ |
+ |
+ |
+ |
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+ |
+ |
+ |
+ |
+ |
+ |
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– |
– |
+ |
– |
+ |
+ |
|
Other countries |
|
+ |
+ |
+ |
+ |
+ |
+ |
|
Total Continental Europe |
|
+ |
+ |
+ |
+ |
+ |
+ |
|
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+ |
+ |
+ |
+ |
+ |
+ |
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– |
+ |
– |
+ |
+ |
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+ |
+ |
+ |
+ |
+ |
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Total |
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+ |
+ |
+ |
+ |
+ |
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Total worldwide |
|
+ |
+ |
+ |
+ |
|
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GLOSSARY
– Gulf Cooperation Council countries include:
–
– North East Asia includes:
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
For more information, please visit www.globalblue.com
Global Blue Monthly Intelligence Briefing, June 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 Eid Al Adha took place from June 15, 2024, to June 20, 2024, while it took place from August 10, 2019 to August 14, 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/20240705935221/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 is the recovery rate of Global Blue’s Tax Free Shopping in June 2024?
The global recovery rate for Global Blue’s Tax Free Shopping was 168% in June 2024 compared to the same period in 2019.
How did Continental Europe perform in Global Blue’s June 2024 update?
Continental Europe saw a recovery rate of 147% in June 2024, with strong performances in France (164%), Spain (160%), and Italy (163%).
What was the recovery rate for US shoppers in June 2024 according to Global Blue?
The recovery rate for US shoppers was 317% in June 2024.
How did Asia Pacific perform in Global Blue’s June 2024 Tax Free Shopping update?
Asia Pacific had a recovery rate of 236% in June 2024, led by travelers from Hong Kong and Taiwan at 764%.
What was the year-on-year growth in Tax Free Shopping for June 2024?
The year-on-year growth in Tax Free Shopping for June 2024 was 32% globally.