Global Blue Releases the Monthly Tax Free Shopping Business Update for July 2024

Rhea-AI Summary

Global Blue's July 2024 Tax Free Shopping update shows continued positive growth across Continental Europe and Asia Pacific. Worldwide issued Sales in Store like-for-like year-on-year performance reached +25% in July 2024, compared to +41% in Q2 2024. Continental Europe saw a +12% growth, led by a 10% increase in shoppers and 2% in average spend. Asia Pacific maintained strong growth at +64%, driven by a 49% increase in shoppers and 10% in average spend.

Key highlights include:

• Mainland Chinese Tax Free Spend led growth in both regions
• US and GCC shoppers showed positive growth in Europe
• Spain (+25%) and Italy (+19%) performed well in Europe
• Japan (+103%) and South Korea (+44%) excelled in Asia Pacific
• France (-2%) faced challenges due to pre-Olympic Games preparations

Positive

• Worldwide issued Sales in Store like-for-like year-on-year performance reached +25% in July 2024
• Continental Europe saw a +12% growth in issued Sales in Store
• Asia Pacific maintained strong growth at +64% in issued Sales in Store
• Mainland Chinese Tax Free Spend led growth with +33% in Europe and +97% in Asia Pacific
• US Tax Free Spend increased by +15% in Europe
• Spain and Italy showed strong performance with +25% and +19% growth respectively
• Japan experienced exceptional growth of +103% in Tax Free Shopping

Negative

• Growth rate decelerated from +41% in Q2 to +25% in July 2024
• France experienced a -2% decline in Tax Free Shopping due to pre-Olympic Games preparations
• Singapore saw a -9% decrease in Tax Free Shopping

• Fresh data from Global Blue reveals that the worldwide year-on-year variation in Tax Free Shopping growth remains positive across Continental Europe and Asia Pacific.

• Globally, when analyzing the year-on-year variation in Tax Free Shopping growth, the issued Sales in Store like-for-like year-on-year performance reached +25%¹ in July 2024 vs. +41%¹ in Q2 (April – June 2024).

SIGNY, Switzerland--(BUSINESS WIRE)-- A sustained performance in Continental Europe for international shopping

In Continental Europe, the issued Sales in Store growth rate grew by +12%¹ in July 2024 vs. last year. This growth was led by a +10%¹ increase in the number of shoppers and a +2%¹ average spend per shopper.

The deceleration in July’s growth rate (+12% in July vs. +19% in Q2) is largely due to France (-2% in July vs. +10% in Q2), where, as expected, the pre-Olympic Games preparations and restrictions had a negative impact on activity in Paris.

Regarding origin markets, the positive momentum in issued Sales in Store growth is evident across all nationalities. Mainland Chinese Tax Free Spend led with +33%¹ vs. last year, a slight acceleration compared with the +31%¹ progression in Q2. US Tax Free Spend saw a +15%¹ increase, boosted by an increase of +20% in shoppers, while GCC shoppers experienced a +7%¹ growth rate vs. 2023.

When examining destination markets, July showed a positive performance across most destinations, with Spain at +25%¹, Italy at +19%¹, Germany at +10%¹ and France at -2%¹.

A positive Tax Free spend progression in Asia Pacific

In Asia Pacific, the issued Sales in Store growth rate continues to remain very high, reaching +64%¹ in July 2024, led by a +49%¹ increase in the number of shoppers and a +10%¹ average spend per shopper.

The deceleration in July’s growth rate (+64% in July vs. +109% in Q2) is partly due to a stronger basis of comparison in July 2023 vs. Q2’23 and 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 +97%¹ boosted by an increase of +107% of Mainland Chinese shoppers. In the meantime, North-East Asia Tax Free Spend grew by +76%¹ vs. 2023 and Hong Kong and Taiwan Tax Free Spend experienced a +60%¹ growth rate vs. 2023.

When examining destination markets, July showed a positive performance across most destinations, with Japan +103%¹, South Korea at +44%¹, and Singapore at -9%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	July 2024	CY Q2 2024	CY Q1 2024
France	19%	-2%	+10%	+11%
Italy	17%	+19%	+22%	+29%
Spain	11%	+25%	+33%	+32%
Germany	6%	+10%	+2%	+6%
Other countries	18%	+12%	+21%	+16%
Total Continental Europe	71%	+12%	+19%	+19%
Japan	18%	+103%	+172%	+137%
Singapore	8%	-9%	-1%	25%
South Korea	2%	+44%	+60%	110%
Total Asia Pacific	28%	+64%	+109%	97%
Total Latin America	1%	+16%	-2%	+9%
Total worldwide	100%	+25%	+41%	40%

Worldwide recovery rate (versus 2019) rate

APPENDIX

Issued SIS L/L recovery (in % of 2019)	Destination market weight in Issued SIS 2019	July 2024	CY Q2 2024	CY Q1 2024
France	16%	136%	164%	165%
Italy	17%	146%	156%	123%
Spain	10%	162%	164%	151%
Germany	9%	75%	80%	65%
Other countries	19%	129%	132%	126%
Total Continental Europe	71%	133%	143%	128%
Japan	14%	344%	327%	232%
Singapore	11%	85%	92%	92%
South Korea	3%	165%	158%	125%
Total Asia Pacific	28%	215%	226%	166%
Total Latin America	1%	89%	101%	94%
Total worldwide	100%	151%	165%	140%

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, July 2024, Source: Global Blue

¹ 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/20240809695602/en/

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 in July 2024?

Global Blue reported a worldwide issued Sales in Store like-for-like year-on-year performance of +25% in July 2024.

How did Continental Europe perform in Tax Free Shopping for Global Blue in July 2024?

Continental Europe saw a +12% growth in issued Sales in Store for Global Blue in July 2024, led by a 10% increase in shoppers and a 2% increase in average spend per shopper.

What was the Tax Free Shopping growth rate in Asia Pacific for Global Blue in July 2024?

In Asia Pacific, Global Blue reported a +64% growth rate in issued Sales in Store for July 2024, driven by a 49% increase in shoppers and a 10% increase in average spend per shopper.

Which country showed the highest Tax Free Shopping growth for Global Blue in July 2024?

Japan showed the highest growth with a +103% increase in Tax Free Shopping for Global Blue in July 2024.

How did Mainland Chinese Tax Free Spend perform for Global Blue in July 2024?

Mainland Chinese Tax Free Spend led growth with +33% in Continental Europe and +97% in Asia Pacific for Global Blue in July 2024.