Global Blue Group Holding Ltd.
Global Blue Group Holding Ltd.
09/05/2024 | Press release | Distributed by Public on 09/05/2024 04:11
Global Blue Releases the Monthly Tax Free Shopping Business Update for August 2024
- Fresh data from Global Blue reveals that the worldwide growth in Tax Free Shopping is strong across Continental Europe and Asia Pacific: Issued Sales in Store like-for-like year-on-year performance reached +17% 1 in August 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 +10% 1 in August 2024 vs. last year. This growth was led by a +8% 1 increase in the number of shoppers and a +2% 1 increase in the average spend per shopper.
Regarding origin markets , the positive momentum in issued Sales in Store growth is evident across most nationalities. Mainland Chinese Tax Free Spend led with +25% 1 vs. last year. While US Tax Free Spend was positively influenced by the Olympic Games (+18% 1 increase), it was the opposite for GCC shoppers, who experienced a growth rate of -1% 1 vs. last year.
When examining destination markets , August showed a strong performance in Spain at +23% 1 and Italy at +12% 1 , while it displayed a moderate performance in Germany at +3% 1 and France at +3% 1 , reflecting the contrasting impact of the Olympic Games by nationality.
A slowdown of the hyper growth Tax Free Spend in Asia Pacific
In Asia Pacific , the issued Sales in Store growth remains strong, reaching +37% 1 in August 2024, led by a +38% 1 increase in the number of shoppers and a -1% 1 decrease in the average spend per shopper.
The growth rate in August softened compared to the hyper-growth of +94% over the last three months 2 . This is due to a higher basis of comparison, as well as the recent strengthening of the Yen against all major currencies, particularly against the Chinese RMB.
Regarding origin markets , the positive momentum in issued Sales in Store growth continued across all nationalities. Mainland Chinese Tax Free Spend led with +49% 1 boosted by an increase of +72% 1 in Mainland Chinese shoppers. Meanwhile, North-East Asia Tax Free Spend grew by +37% 1 vs. last year while Hong Kong and Taiwan experienced a +34% 1 growth rate vs. last year.
When examining destination markets , August showed a positive performance across destinations, with Japan at +50% 1 , South Korea at +43% 1 , and Singapore at +4% 1 .
Worldwide Year-on-Year Growth Rate (2024 vs. 2023)
|
Issued SIS L/L |
Destination |
August |
July |
CY |
CY |
|
France |
19% |
+3% |
-2% |
+10% |
+11% |
|
Italy |
17% |
+12% |
+19% |
+22% |
+29% |
|
Spain |
11% |
+23% |
+25% |
+33% |
+32% |
|
Germany |
6% |
+3% |
+10% |
+2% |
+6% |
|
Other countries |
18% |
+8% |
+12% |
+21% |
+16% |
|
Total Continental Europe |
71% |
+10% |
+12% |
+19% |
+19% |
|
Japan |
18% |
+50% |
+103% |
+172% |
+137% |
|
Singapore |
8% |
+4% |
-9% |
-1% |
25% |
|
South Korea |
2% |
+43% |
+44% |
+60% |
110% |
|
Total Asia Pacific |
28% |
+37% |
+64% |
+109% |
97% |
|
Total Latin America |
1% |
+18% |
+16% |
-2% |
+9% |
|
Total worldwide |
100% |
+17% |
+25% |
+41% |
40% |
Worldwide recovery rate (versus 2019)
|
Issued SIS L/L |
Destination |
August |
July |
CY |
CY |
|
France |
16% |
141% |
136% |
164% |
165% |
|
Italy |
17% |
139% |
146% |
156% |
123% |
|
Spain |
10% |
153% |
162% |
164% |
151% |
|
Germany |
9% |
68% |
75% |
80% |
65% |
|
Other countries |
19% |
119% |
129% |
132% |
126% |
|
Total Continental Europe |
71% |
126% |
133% |
143% |
128% |
|
Japan |
14% |
282% |
344% |
327% |
232% |
|
Singapore |
11% |
83% |
85% |
92% |
92% |
|
South Korea |
3% |
159% |
165% |
158% |
125% |
|
Total Asia Pacific |
28% |
180% |
215% |
226% |
166% |
|
Total Latin America |
1% |
100% |
89% |
101% |
94% |
|
Total worldwide |
100% |
138% |
151% |
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, August 2024, Source: Global Blue
_______________________
1 Growth rate variation year-on-year (2024 vs. the same period in 2023)
2The last three months: May, June, and July 2024
MEDIA CONTACTS
Virginie Alem - SVP Marketing & Communications
Mail: [email protected]
INVESTOR RELATIONS CONTACTS
Frances Gibbons - Head of Investor Relations
Mob: +44 (0)7815 034 212
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