A steady worldwide recovery, compared to 2019 levels
In Continental Europe, March 2024 recovery is slightly ahead of January/February 2024 recovery, reaching 130%1 in March vs. 128%1 in January/February, driven by a strong recovery in France (160%1), Spain (152%1) and Italy (135%1).
Regarding origin markets, US shopper recovery accelerated, reaching 313%1 in March vs. 301%1 in January/February. GCC shopper recovery was negatively impacted by the shift of the beginning of Ramadan2, reaching 184%1 in March vs. 329%1 in January/February.
In Asia Pacific, the recovery rate reached a record level at 181%1 in March vs. 159%1 in January/February, driven by a strong performance in Japan (235%1) and South Korea (127%1), and an acceleration in Singapore to 111%1 vs. 84%1 in January/February.
In terms of origin markets, travelers from Hong Kong and Taiwan continue to drive the recovery, reaching 560%1 in March vs. 474%1 in January/February. Following behind are North East Asia travelers, with a recovery rate of 320%1 in March vs. 271%1 in January/February.
In terms of Mainland Chinese shoppers, the worldwide issued Sales in Store like-for-like recovery reached 101%1 in March vs. 101%1 in January/February. Within Continental Europe, Mainland Chinese shopper recovery reached 70%1 in March, vs 75%1 in January/February. In Asia Pacific, Mainland Chinese shopper recovery remains strong, reaching 127%1 in March vs. 124%1 in January/February.
A strong year-on-year performance for international shopping
When analyzing the year-on-year variation in Tax Free Shopping growth, the worldwide Issue Sales like-for-like year-on-year performance reached +33% in March 2024 vs. last year.
The issued Sales in Store in Continental Europe grew by +9%3 in March 2024 vs. last year, and 13% restated from the 11-day shift of Ramadan vs. last year2.
Regarding origin markets, the growth was positively influenced by most nationalities, with Mainland Chinese shoppers leading the way with a +43%3 growth rate in March 2024. Influenced by the 11-day shift of Ramadan vs. last year[4], GCC shopper growth was negatively impacted with a -30%3 growth rate, while US shoppers’ Tax Free Spend reached +11%3.
In Asia Pacific, the growth rate continues to remain high, reaching +102%3 in March 2024 vs. last year. All nationalities contributed positively, with Mainland Chinese shoppers leading the way at +223%3 in March 2024 vs. 2023, North East shoppers at +129%3 and Hong Kong and Taiwan shoppers at +55%3.
APPENDIX
Worldwide recovery rate (versus 2019) rate
|
Issued SIS L/L recovery1 (in % of 2019) |
% Tax Free Spend (2019) |
March 2024 |
February 2024 |
January 2024 |
Q4 2023 |
Q3 2023 |
|
France |
22% |
160% |
174% |
164% |
140% |
138% |
|
Italy |
24% |
135% |
131% |
111% |
123% |
126% |
|
Spain |
14% |
152% |
134% |
153% |
133% |
127% |
|
Germany |
13% |
69% |
71% |
70% |
74% |
70% |
|
Other countries |
27% |
121% |
127% |
121% |
111% |
119% |
|
Total Continental Europe |
100% |
130% |
132% |
125% |
118% |
119% |
|
Japan |
54% |
235% |
229% |
232% |
225% |
185% |
|
Singapore |
42% |
111% |
84% |
85% |
75% |
84% |
|
South Korea |
4% |
127% |
118% |
131% |
111% |
116% |
|
Total Asia Pacific |
100% |
181% |
159% |
161% |
150% |
134% |
|
Total worldwide |
100% |
145% |
141% |
135% |
127% |
123% |
Worldwide Year-on-Year Growth Rate (2024 vs. 2023)
|
Issued SIS L/L Year-on-Year Growth3 |
March 2024 |
February 2024 |
January 2024 |
CY (2023) |
|
France |
+3% |
+21% |
+11% |
26% |
|
Italy |
+20% |
+44% |
+26% |
25% |
|
Spain |
+18% |
+52% |
+31% |
15% |
|
Germany |
-10% |
+9% |
+20% |
8% |
|
Other countries |
+9% |
+30% |
+8% |
26% |
|
Total Continental Europe |
+9% |
+32% |
+17% |
100% |
|
Japan |
+146% |
+170% |
+100% |
65% |
|
Singapore |
+24% |
+36% |
+15% |
27% |
|
South Korea |
+96% |
+138% |
+108% |
8% |
|
Total Asia Pacific |
+102% |
+120% |
+71% |
100% |
|
Total worldwide |
+33% |
57% |
+34% |
100% |
GLOSSARY
– Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman
– South East Asia includes: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore
– North East Asia includes: Japan, South Korea
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For more information, please visit www.globalblue.com
Global Blue Monthly Intelligence Briefing, March 2024, Source: Global Blue
1Recovery rate is equal to 2024 Issued Sales in Store divided by 2019 Issued Sales in Store, like-for-like (i.e.: at constant merchant scope and exchange rates).
2Ramadan took place from March 10 to April 9 in 2024; while it took place from May 5 to June 3in 2019.
3Growth rate variation year-on-year (2024 vs. the same period in 2023)
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