Connect with us

Shopping

Global Blue Releases the Monthly Tax Free Shopping Business Update for September 2024 | GB Stock News

Published

1 month ago

on

Global Blue Releases the Monthly Tax Free Shopping Business Update for September 2024 | GB Stock News





Global Blue’s September 2024 Tax Free Shopping update shows positive growth worldwide. Continental Europe saw an 11% increase in issued Sales in Store, driven by a 14% rise in shoppers, despite a slight 2% decrease in average spend. US and GCC shoppers led with 13% growth, followed by Mainland Chinese at 11%. Spain (+24%) and Italy (+17%) performed well, while France showed moderate growth (+7%).

Asia Pacific experienced 19% growth, with a 29% increase in shoppers but an 8% decrease in average spend. This marks a slowdown from the previous three months’ 63% growth, partly due to the strengthening Yen. Mainland Chinese spending led with 30% growth, boosted by a 75% increase in shoppers. South Korea (+45%) and Japan (+23%) showed strong performance, while Singapore declined slightly (-2%).

L’aggiornamento di Global Blue per il Tax Free Shopping di settembre 2024 mostra una crescita positiva in tutto il mondo. La Europa continentale ha registrato un aumento dell’11% nelle vendite in negozio, grazie a un incremento del 14% nel numero di acquirenti, nonostante una leggera diminuzione del 2% nella spesa media. I consumatori statunitensi e del GCC hanno guidato la crescita con un aumento del 13%, seguiti dai consumatori della Cina continentale con l’11%. Spagna (+24%) e Italia (+17%) hanno avuto buone performance, mentre la Francia ha mostrato una crescita moderata (+7%).

La regione Asia-Pacifico ha registrato una crescita del 19%, con un aumento del 29% degli acquirenti ma una diminuzione dell’8% nella spesa media. Questo segna un rallentamento rispetto alla crescita del 63% dei tre mesi precedenti, in parte a causa del rafforzamento dello Yen. La spesa della Cina continentale è aumentata del 30%, supportata da un incremento del 75% nel numero di acquirenti. La Corea del Sud (+45%) e il Giappone (+23%) hanno mostrato performance solide, mentre Singapore è leggermente diminuita (-2%).

La actualización de Global Blue sobre las compras libres de impuestos de septiembre de 2024 muestra un crecimiento positivo en todo el mundo. Europa Continental vio un aumento del 11% en las ventas en la tienda, impulsado por un aumento del 14% en compradores, a pesar de una ligera disminución del 2% en el gasto promedio. Los compradores de EE. UU. y del GCC lideraron con un crecimiento del 13%, seguidos por los de China continental con un 11%. España (+24%) e Italia (+17%) tuvieron un buen desempeño, mientras que Francia mostró un crecimiento moderado (+7%).

Asia-Pacífico experimentó un crecimiento del 19%, con un aumento del 29% en compradores pero una disminución del 8% en el gasto promedio. Esto marca una desaceleración respecto al crecimiento del 63% de los tres meses anteriores, en parte debido al fortalecimiento del Yen. El gasto de los consumidores de China continental lideró con un crecimiento del 30%, apoyado por un incremento del 75% en compradores. Corea del Sur (+45%) y Japón (+23%) mostraron un fuerte desempeño, mientras que Singapur disminuyó ligeramente (-2%).

글로벌 블루의 2024년 9월 면세 쇼핑 업데이트는 전 세계적으로 긍정적인 성장을 보여줍니다. 유럽 대륙은 11%의 상점 내 판매 증가를 보였으며, 이는 14%의 쇼핑객 증가에 의해 주도되었으나 평균 소비는 2% 감소했습니다. 미국 및 GCC 쇼핑객들은 13% 성장으로 선두를 차지했으며, 중국 본토 쇼핑객들은 11%의 성장률을 보였습니다. 스페인은 (+24%)와 이탈리아는 (+17%)의 좋은 성과를 내었고, 프랑스는 완만한 성장 (+7%)을 보였습니다.

아시아 태평양 지역은 19%의 성장을 경험했으며, 쇼핑객 수는 29% 증가했지만 평균 소비는 8% 감소했습니다. 이는 이전 3개월 동안의 63% 성장에서 둔화된 것으로, 부분적으로 엔화 강세 때문입니다. 중국 본토 소비자 지출는 30% 성장으로 선두를 달렸고, 이는 75%의 쇼핑객 증가에 힘입은 것입니다. 한국은 (+45%) 및 일본은 (+23%) 강한 성과를 보였으며, 싱가포르는 다소 감소했습니다 (-2%).

La mise à jour de septembre 2024 de Global Blue sur le shopping hors taxes montre une croissance positive dans le monde entier. L’Europe continentale a enregistré une augmentation de 11 % des ventes en magasin, soutenue par une hausse de 14 % du nombre de clients, malgré une légère baisse de 2 % des dépenses moyennes. Les acheteurs des États-Unis et du CCG ont mené avec une croissance de 13 %, suivis par les acheteurs chinois continentaux avec 11 %. L’Espagne (+24 %) et l’Italie (+17 %) ont bien performé, tandis que la France a montré une croissance modérée (+7 %).

La région Asie-Pacifique a connu une croissance de 19 %, avec une augmentation de 29 % du nombre d’acheteurs, mais une baisse de 8 % des dépenses moyennes. Cela marque un ralentissement par rapport à la croissance de 63 % des trois mois précédents, en partie due au renforcement du yen. Les dépenses des consommateurs chinois continentaux ont été en tête avec une croissance de 30 %, soutenue par une augmentation de 75 % du nombre d’acheteurs. La Corée du Sud (+45 %) et le Japon (+23 %) ont montré de solides performances, tandis que Singapour a légèrement diminué (-2 %).

Das September 2024-Update von Global Blue zum steuerfreien Einkaufen zeigt weltweit ein positives Wachstum. Das europäische Festland verzeichnete einen Anstieg der in Geschäften getätigten Verkäufe um 11%, angetrieben von einem Anstieg der Käuferzahlen um 14%, trotz eines leichten Rückgangs der durchschnittlichen Ausgaben um 2%. US- und GCC-Käufer führten mit einem Wachstum von 13%, gefolgt von Käufern aus dem chinesischen Festland mit 11%. Spanien (+24%) und Italien (+17%) schnitten gut ab, während Frankreich ein moderates Wachstum (+7%) zeigte.

Der asiatisch-pazifische Raum erlebte ein Wachstum von 19%, mit einem Anstieg der Käuferzahlen um 29%, aber einem Rückgang der durchschnittlichen Ausgaben um 8%. Dies stellt einen Rückgang gegenüber dem Wachstum von 63% in den drei Monaten zuvor dar, teilweise bedingt durch die Stärkung des Yen. Die Ausgaben der Käufer aus dem chinesischen Festland führten mit einem Wachstum von 30%, das durch einen Anstieg der Käuferzahlen um 75% gestützt wurde. Südkorea (+45%) und Japan (+23%) zeigten starke Ergebnisse, während Singapur leicht zurückging (-2%).

Positive


  • Continental Europe: 11% increase in issued Sales in Store


  • 14% increase in number of shoppers in Continental Europe


  • US and GCC shopper Tax Free Spend up 13%


  • Mainland Chinese shopper Tax Free Spend up 11% in Continental Europe


  • Asia Pacific: 19% increase in issued Sales in Store


  • 29% increase in number of shoppers in Asia Pacific


  • Mainland Chinese Tax Free Spend in Asia Pacific up 30%


  • 75% increase in Mainland Chinese shoppers in Asia Pacific


  • South Korea destination market up 45%


  • Japan destination market up 23%


Negative


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


  • 8% decrease in average spend per shopper in Asia Pacific


  • Slowdown in Asia Pacific growth compared to previous three months


  • Singapore destination market down 2%


Insights


Global Blue’s September 2024 Tax Free Shopping update reveals a positive growth trend with worldwide Issued Sales in Store increasing by 13% year-over-year. This growth is driven by both Continental Europe (11%) and Asia Pacific (19%), indicating a robust recovery in international travel and luxury spending.

Key takeaways:

  • Continental Europe saw a 14% increase in shoppers, slightly offset by a 2% decrease in average spend.
  • Asia Pacific experienced a 29% surge in shoppers, despite an 8% drop in average spend.
  • The recovery rate compared to 2019 levels reached 146% worldwide, showcasing strong post-pandemic rebound.

This data suggests a positive outlook for Global Blue and the luxury retail sector, with potential implications for increased transaction volumes and revenue. However, investors should monitor currency fluctuations, particularly the strengthening Yen, which impacted growth rates in Asia Pacific.

The Tax Free Shopping data provides valuable insights into global tourism and luxury retail trends:

  • Geographical Shifts: Continental Europe shows steady growth, while Asia Pacific’s hyper-growth is moderating.
  • Consumer Behavior: Increased shopper numbers (+14% in Europe, +29% in Asia) offset by slight decreases in average spend, indicating broader participation but potential price sensitivity.
  • Market Leaders: Spain (+24%) and Italy (+17%) outperform in Europe, while South Korea (+45%) leads in Asia Pacific.

The 146% recovery rate compared to 2019 suggests a full rebound and expansion of the Tax Free Shopping market. This trend bodes well for luxury retailers, travel-related industries and companies like Global Blue that facilitate these transactions. Investors should consider the potential for continued growth, while being mindful of regional variations and economic factors affecting consumer spending patterns.












  • New 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 +13%1 in September 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 +11%1 in September 2024 vs. last year. This growth was led by a +14%1 increase in the number of shoppers. This performance 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 steadily progressing across most nationalities. US and GCC shopper Tax Free Spend led at +13%1 vs. last year, closely followed by Mainland Chinese shoppers at +11%1.

Regarding destination markets, September showed a stable performance in Spain at +24%1 and Italy at +17%1, with a moderate performance in France at +7%1.

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

In Asia Pacific, the issued Sales in Store growth reached +19%1 in September 2024, led by a +29%1 increase in the number of shoppers and a –8%1 decrease in the average spend per shopper.

The growth rate in September has softened compared to the hyper growth of +63%1 over the last three months2, mostly due to 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 a +30%1 increase, boosted by a +75%1 rise in Mainland Chinese shoppers. Meanwhile, North East Asia Tax Free Spend grew by +29%1 vs. last year, while Hong Kong and Taiwan experienced a +1%1 growth rate vs. last year.

When examining destination markets, September showed a varied performance across destinations, with South Korea at +45%1, Japan at +23%1, and Singapore at –2%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

 

September

2024

 

August

2024

 

July

2024

CY

Q2 2024

 

CY

Q1 2024

France

19%

+7%

+3%

–2%

+10%

+11%

Italy

17%

+17%

+12%

+19%

+22%

+29%

Spain

11%

+24%

+23%

+25%

+33%

+32%

Germany

6%

–3%

+3%

+10%

+2%

+6%

Other countries

18%

+7%

+8%

+12%

+21%

+16%

Total Continental Europe

71%

+11%

+10%

+12%

+19%

+19%

Japan

18%

+23%

+50%

+103%

+172%

+137%

Singapore

8%

–2%

+4%

–9%

–1%

25%

South Korea

2%

+45%

+43%

+44%

+60%

110%

Total Asia Pacific

28%

+19%

+37%

+64%

+109%

97%

Total Latin America

1%

+19%

+18%

+16%

–2%

+9%

Total worldwide

100%

+13%

+17%

+25%

+41%

40%

Issued SIS L/L

recovery

(in % of 2019)

Destination

market weight in

Issued SIS 2019

 

September

2024

 

August

2024

 

July

2024

CY

Q2 2024

 

CY

Q1 2024

France

16%

158%

141%

136%

164%

165%

Italy

17%

155%

139%

146%

156%

123%

Spain

10%

169%

153%

162%

164%

151%

Germany

9%

79%

68%

75%

80%

65%

Other countries

19%

127%

119%

129%

132%

126%

Total Continental Europe

71%

141%

126%

133%

143%

128%

Japan

14%

243%

282%

344%

327%

232%

Singapore

11%

74%

83%

85%

92%

92%

South Korea

3%

163%

159%

165%

158%

125%

Total Asia Pacific

28%

162%

180%

215%

226%

166%

Total Latin America

1%

142%

100%

89%

101%

94%

Total worldwide

100%

146%

138%

151%

165%

140%

Worldwide Recovery Rate (versus 2019)

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, September 2024, Source: Global Blue

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

2 The last three months: June, July, and August 2024

MEDIA CONTACTS

Virginie Alem – SVP Marketing & Communications

Mail: valem@globalblue.com

INVESTOR RELATIONS CONTACTS

Frances Gibbons – Head of Investor Relations

Mob: +44 (0)7815 034 212

Mail: fgibbons@globalblue.com

Source: Global Blue








FAQ



What was the global Tax Free Shopping growth rate for Global Blue (GB) in September 2024?


Global Blue reported a 13% year-on-year growth in worldwide issued Sales in Store for Tax Free Shopping in September 2024.


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


Continental Europe saw an 11% increase in issued Sales in Store for Tax Free Shopping in September 2024, driven by a 14% rise in the number of shoppers.


What was the Tax Free Shopping growth rate in Asia Pacific for Global Blue (GB) in September 2024?


Global Blue reported a 19% growth in issued Sales in Store for Tax Free Shopping in Asia Pacific in September 2024, led by a 29% increase in the number of shoppers.


Which nationality led Tax Free Spend growth in Asia Pacific for Global Blue (GB) in September 2024?


Mainland Chinese shoppers led Tax Free Spend growth in Asia Pacific with a 30% increase in September 2024, according to Global Blue’s report.





Related Topics:
Continue Reading