- New data from Global Blue reveals that the dynamic global recovery in duty-free shopping accelerated in continental Europe and Asia Pacific.
- Globally, comparable store issued sales recovery reached 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–(BUSINESS WIRE)–An accelerated global recovery, compared to 2019 levels
WorldwideThe June 2024 recovery is higher than that of April/May 2024, reaching 168%1 compared to 163%1 in April/May and 140%1 in Q1. This is due to a solid momentum in all destinations.
In continental Europe, The June 2024 recovery has accelerated slightly compared to April/May 2024, reaching 147%1 in June compared to 141%1 in April/May and 128%1 in Q1, driven by strong recoveries in France (164%1), Spain (160%1) and Italy (163%1). source marketsThe recovery of GCC shoppers significantly influenced the positive impact of the recovery in June, reaching 335%1 compared to 302%1 in April/May. This seasonal boost is linked to the shift in the timing of Eid Al Adha2. The recovery of US shoppers also remains strong, reaching 317%1 in June compared to 308%1 in April/May.
In Pacific Asia, The recovery rate remained strong at 236%1 in June compared to 223%1 in April/May. source marketsTravelers from Hong Kong and Taiwan continue to lead the recovery, reaching 764%1 in June versus 601%1 in April/May. Travelers from Northeast Asia follow closely behind, with a recovery rate of 386%1 in June versus 352%1 in April/May.
For Mainland Chinese buyersGlobal issued comparable-store sales recovery reached 122%1 in June, in line with April/May, and 101%1 in Q1 2024. European continentThe recovery of mainland Chinese buyers reached 58%1 in June compared to 63%1 in April/May. Pacific AsiaThe recovery of mainland Chinese buyers continues to accelerate, reaching 214%1 in June and 190%1 in April/May.
A strong year-on-year performance for international purchases
Analyzing the year-on-year variation in the growth of tax-free purchases, world Like-for-like in-store issued sales achieved a year-over-year performance of +32%3 in June 2024 compared to +47%3 in April/May and +40%3 in the first quarter.
In European continentThe growth rate of issued store sales increased by +14%3 in June 2024 compared to last year, influenced by positive dynamics between nationalities. source marketsThe positive momentum of in-store outbound sales growth is visible across all nationalities, with GCC shoppers leading the way, with the US at +39%3 and mainland China posting a +13%3 growth rate by June 2024.
In Pacific AsiaThe growth rate of issued In-Store Sales remains high, reaching +92%3 in June 2024 compared to last year. All nationalities contributed positively, with mainland China leading the way with +161%3 in June 2024 vs. 2023, northeast buyers with +122%3 and Hong Kong and Taiwan with +66%3.
APPENDIX
Global recovery rate (compared to 2019)
|
Recovery of L/L SIS issued1 (in % of 2019) |
% Issued SIS 2019 |
June 2024 |
Can 2024 |
April 2024 |
March 2024 |
First quarter of the calendar year 2024 |
Fourth quarter of the calendar 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% |
Sixty-five% |
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% |
|
Total Asia Pacific |
100% |
236% |
250% |
192% |
181% |
166% |
150% |
|
World total |
100% |
168% |
172% |
153% |
145% |
140% |
127% |
Global year-on-year growth rate (2024 vs. 2023)
|
SIS L/L issued Year with year Growth3 |
% Issued SIS 2023 |
June 2024 |
Can 2024 |
April 2024 |
March 2024 |
February 2024 |
Hundred First quarter of 2024 |
|
France |
26% |
+5% |
+14% |
+13% |
+3% |
+21% |
+11% |
|
Italy |
25% |
+15% |
+29% |
+30% |
+20% |
+44% |
+29% |
|
Spain |
fifteen% |
+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 |
Sixty-five% |
+135% |
+222% |
+167% |
+146% |
+170% |
+137% |
|
Singapore |
27% |
-2% |
+2% |
-4% |
+24% |
+36% |
25% |
|
South Korea |
8% |
+61% |
+58% |
+63% |
+96% |
+138% |
110% |
|
Total Asia Pacific |
100% |
+92% |
+134% |
+103% |
+102% |
+120% |
97% |
|
World total |
100% |
+32% |
+47% |
+46% |
+33% |
57% |
40% |
GLOSSARY
– The Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain and Oman.
– Southeast Asia includes: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia and Singapore.
– Northeast Asia includes: Japan, South Korea
ABOUT GLOBAL BLUE
Global Blue is the business partner for the shopping experience, providing technology and services to enhance the experience and drive performance.
With over 40 years of experience, today we connect thousands of retailers, acquirers and hotels with nearly 80 million consumers in 53 countries, across three industries: duty-free shopping, payments and post-purchase solutions.
With more than 2,000 employees, Global Blue generated €28 billion in retail sales and €422 million in revenue in fiscal year 2023/24. Global Blue is listed on the New York Stock Exchange.
For more information, please visit www.globalblue.com
Global Blue Monthly Intelligence Report, June 2024, Source: Global Blue
1 The recovery rate is equal to 2024 issued store sales divided by 2019 issued store sales, on a comparable basis (i.e., with merchant reach and constant exchange rates).
2 Eid Al Adha took place from 15 June 2024 to 20 June 2024, while it took place from 10 August 2019 to 14 August 2019.
3 Change in the year-on-year growth rate (2024 vs. the same period in 2023)
The original version of this release was posted on businesswire.com: https://www.businesswire.com/news/home/20240705935221/en/
MEDIA
Virginie Alem, Senior Vice President, Marketing and Communications
Email: valem@globalblue.com
INVESTOR RELATIONS
Frances Gibbons, Director of Investor Relations
Mobile: +44 (0)7815 034 212
Email: fgibbons@globalblue.com
Source: Global Blue