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Global Blue Tax-Free Shopping Surges 17% YoY, Asian Markets Lead Growth | GB Stock News

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Global Blue Tax-Free Shopping Surges 17% YoY, Asian Markets Lead Growth | GB Stock News





Global Blue reports a 17% year-on-year growth in Tax Free Shopping for October 2024. Continental Europe saw a 12% increase in issued Sales in Store, driven by a 14% rise in shopper numbers, despite a 2% decrease in average spend. GCC shoppers led with 29% growth, followed by Mainland Chinese at 15%. In Asia Pacific, sales grew 29%, with a 32% increase in shoppers but a 2% decrease in average spend. Mainland Chinese spending in Asia Pacific surged 50%, while destination markets showed strong performance: South Korea (+42%), Japan (+32%), and Singapore (+16%).

Global Blue riporta una crescita del 17% anno su anno nel Tax Free Shopping per ottobre 2024. L’Europa continentale ha registrato un aumento del 12% nelle vendite in negozio, sostenuto da un rialzo del 14% nel numero di acquirenti, nonostante una diminuzione del 2% nella spesa media. I compratori del GCC hanno guidato con una crescita del 29%, seguiti dai cinesi della terraferma con il 15%. Nella regione Asia-Pacifico, le vendite sono cresciute del 29%, con un incremento del 32% nei visitatori, ma una diminuzione del 2% nella spesa media. La spesa dei cinesi della terraferma nella regione Asia-Pacifico è aumentata del 50%, mentre i mercati di destinazione hanno mostrato buone performance: Corea del Sud (+42%), Giappone (+32%) e Singapore (+16%).

Global Blue reporta un crecimiento del 17% interanual en compras libres de impuestos para octubre de 2024. Europa continental vio un aumento del 12% en ventas en tienda, impulsado por un aumento del 14% en el número de compradores, a pesar de una disminución del 2% en el gasto promedio. Los compradores del GCC lideraron con un crecimiento del 29%, seguidos de los chinos del continente con un 15%. En Asia-Pacífico, las ventas crecieron 29%, con un incremento del 32% en compradores pero una disminución del 2% en el gasto promedio. El gasto de los chinos del continente en Asia-Pacífico se disparó un 50%, mientras que los mercados de destino mostraron un fuerte rendimiento: Corea del Sur (+42%), Japón (+32%) y Singapur (+16%).

Global Blue는 2024년 10월 세금 환급 쇼핑에서 전년 대비 17% 성장했다고 보고했습니다. 유럽 대륙에서는 매장에서 발행된 매출이 12% 증가했으며, 이는 쇼핑객 수가 14% 증가한 데 힘입은 결과로, 평균 지출은 2% 감소했습니다. GCC 국가의 쇼핑객은 29% 증가하며 선두를 차지했고, 이어서 중국 본토의 증가율은 15%였습니다. 아시아 태평양 지역에서는 판매가 29% 증가했으며, 쇼핑객 수는 32% 증가했지만 평균 지출은 2% 감소했습니다. 아시아 태평양에서 중국 본토의 지출은 50% 급증하였고, 주요 목적지 시장들은 강력한 성과를 보였습니다: 한국 (+42%), 일본 (+32%), 싱가포르 (+16%).

Global Blue rapporte une croissance de 17% d’une année sur l’autre dans le Shopping Tax Free pour octobre 2024. L’Europe continentale a enregistré une augmentation de 12% des ventes en magasin, soutenue par une hausse de 14% du nombre d’acheteurs, malgré une diminution de 2% des dépenses moyennes. Les acheteurs du GCC ont mené avec une croissance de 29%, suivis par les Chinois de la Chine continentale à 15%. Dans la région Asie-Pacifique, les ventes ont augmenté de 29%, avec une hausse de 32% du nombre de clients mais une baisse de 2% des dépenses moyennes. Les dépenses des Chinois de la Chine continentale en Asie-Pacifique ont bondi de 50%, tandis que les marchés de destination ont montré de bonnes performances : Corée du Sud (+42%), Japon (+32%) et Singapour (+16%).

Global Blue berichtet von einem Jahreswachstum von 17% im Tax Free Shopping für Oktober 2024. In Kontinentaleuropa gab es einen Anstieg von 12% bei den Verkaufszahlen in den Geschäften, angetrieben durch einen Anstieg der Käuferzahlen um 14%, trotz eines Rückgangs der durchschnittlichen Ausgaben um 2%. Die Käufer aus dem GCC führten mit einem Wachstum von 29%, gefolgt von Festlandchinesen mit 15%. Im Asien-Pazifik-Raum stiegen die Verkaufszahlen um 29%, mit einem Anstieg der Käufer um 32%, jedoch einem Rückgang der durchschnittlichen Ausgaben um 2%. Die Ausgaben der Festlandchinesen im Asien-Pazifik-Raum stiegen um 50%, während die Zielmärkte starke Leistungen zeigten: Südkorea (+42%), Japan (+32%) und Singapur (+16%).

Positive


  • 17% worldwide growth in Tax Free Shopping sales


  • 29% growth in GCC shopper spending in Continental Europe


  • 50% increase in Mainland Chinese spending in Asia Pacific


  • Strong destination market performance: South Korea (+42%), Japan (+32%)


  • 14% increase in number of shoppers in Continental Europe


Negative


  • 2% decrease in average spend per shopper in Continental Europe


  • 2% decline in average spend per shopper in Asia Pacific


  • 5% decline in Germany’s Tax Free Shopping sales


  • 2% softening in Hong Kong and Taiwan spending


Insights


The October 2024 Tax Free Shopping data reveals significant growth trends across major markets. Continental Europe showed a +12% increase in issued Sales in Store, driven by a 14% rise in shopper numbers. Key highlights include GCC shoppers leading with 29% growth and strong performances in Spain (21%) and Italy (15%).

Asia Pacific demonstrated remarkable growth at 29%, with Mainland Chinese spending surging 50%. The recovery versus 2019 is particularly noteworthy, with Japan reaching 293% of pre-pandemic levels. This robust performance, especially during the Golden Week period, indicates strong consumer confidence and travel recovery in the luxury retail sector.

The data suggests a healthy global luxury retail market, though with some regional variations. The slight decline in average spend per shopper (-2%) across regions warrants monitoring, as it may reflect broader economic pressures and inflation impacts.












  • Fresh data from Global Blue reveals that the worldwide growth in Tax Free Shopping is positive across Continental Europe and Asia Pacific: Issued Sales in Store like-for-like year-on-year performance reached +17%1 in October 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 +12%1 in October 2024 vs. last year. This growth was led by a +14%1 increase in the number of shoppers and was slightly impacted by a softening of –2%1 in the average spend per shopper, as a result of an overall inflation slowdown.

When examining origin markets, the positive momentum in issued Sales in Store growth is solid across most nationalities. GCC shopper Tax Free Spend led the way at +29%1 vs. last year, followed by Mainland Chinese shoppers at +15%1 and US shoppers at +10%1.

Regarding destination markets, October showed a solid performance in Spain at +21%1 and Italy at +15%1, and France’s Tax Free Spend was back to pre-Olympic levels at +10%1.

A slowdown of the hyper growth Tax Free Spend in Asia Pacific

In Asia Pacific, the issued Sales in Store growth reached +29%1 in October 2024, led by a +32%1 increase in the number of shoppers and a –2%1 decrease in the average spend per shopper.

The growth rate in October re-accelerated compared to +19%1 in September 2024, primarily due to a weaker Yen against the Chinese RMB.

When examining origin markets, the positive momentum in issued Sales in Store growth continued across all nationalities. Mainland Chinese Tax Free Spend led with a +50%1 increase, driven by a +76%1 rise in the number of shoppers, in the context of a solid Golden Week period2 in Japan and Singapore. Meanwhile, North East Asia Tax Free Spend grew by +17%1 vs. last year, while Hong Kong and Taiwan spending experienced a –2%1 softening vs. last year.

Regarding destination markets, October showed a strong performance across destinations, with South Korea at +42%1, Japan at +32%1, and Singapore at +16%1.

Worldwide Year-on-Year Growth Rate (2024 vs. 2023)

Issued SIS L/L

Year-on-Year Growth

Destination market weight in Issued SIS 2023

 

October

2024

 

September

2024

 

CY

Q3 2024

CY

Q2 2024

 

CY

Q1 2024

France

19%

+10%

+7%

+2%

+10%

+11%

Italy

17%

+15%

+17%

+16%

+22%

+29%

Spain

11%

+21%

+24%

+24%

+33%

+32%

Germany

6%

–5%

–3%

+5%

+2%

+6%

Other countries

18%

+11%

+7%

+10%

+21%

+16%

Total Continental Europe

71%

+12%

+11%

+11%

+19%

+19%

Japan

18%

+32%

+23%

+57%

+172%

+137%

Singapore

8%

+16%

–2%

–3%

–1%

25%

South Korea

2%

+42%

+45%

+42%

+60%

110%

Total Asia Pacific

28%

+42%

+19%

+40%

+109%

97%

Total Latin America

1%

+32%

+19%

+23%

–2%

+9%

Total worldwide

100%

+17%

+13%

+19%

+41%

40%

Worldwide Recovery Rate (versus 2019)

Issued SIS L/L

recovery

(in % of 2019)

Destination market weight in Issued SIS 2019

October

2024

September

2024

CY

Q3 2024

CY

Q2 2024

CY

Q1 2024

France

16%

150%

158%

144%

164%

165%

Italy

17%

144%

155%

146%

156%

123%

Spain

10%

158%

169%

161%

164%

151%

Germany

9%

66%

79%

75%

80%

65%

Other countries

19%

121%

127%

126%

132%

126%

Total Continental Europe

71%

131%

141%

133%

143%

128%

Japan

14%

293%

243%

290%

327%

232%

Singapore

11%

87%

74%

81%

92%

92%

South Korea

3%

163%

163%

162%

158%

125%

Total Asia Pacific

28%

191%

162%

186%

226%

166%

Total Latin America

1%

132%

142%

104%

101%

94%

Total worldwide

100%

146%

146%

145%

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, October 2024, Source: Global Blue

1 Growth rate variation year-on-year (2024 vs. the same period in 2023)

2 October 1 to October 7, 2024

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 was Global Blue’s (GB) worldwide Tax Free Shopping growth in October 2024?


Global Blue reported a 17% year-on-year growth in worldwide Tax Free Shopping for October 2024.


How did Continental Europe perform in Tax Free Shopping for Global Blue (GB) in October 2024?


Continental Europe showed a 12% growth in issued Sales in Store, with a 14% increase in shopper numbers but a 2% decrease in average spend.


What was Global Blue’s (GB) performance in Asia Pacific for October 2024?


Asia Pacific achieved 29% growth in issued Sales in Store, with a 32% increase in shopper numbers and a 2% decrease in average spend.


Which countries showed the strongest Tax Free Shopping growth for Global Blue (GB) in October 2024?


South Korea (+42%), Japan (+32%), and Spain (+21%) showed the strongest growth in Tax Free Shopping.





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