Global Blue Releases the Monthly Tax Free Shopping Business Update for November 2023

New data from Global Blue (NYSE:GB) reveals that the global dynamic recovery for Tax Free Shopping has remained stable across Continental Europe, with a continued acceleration in Asia Pacific.

Globally, issued Sales in Store like-for-like recovery reached 127%¹ in November versus 123%¹ in October and Q3 ’23.

A solid recovery in Continental Europe

In Continental Europe, the recovery remains solid reaching 118%¹ in November vs. 115%¹ in October and 119%¹ in Q3 ’23, despite the events in Palestine. This solid performance is mainly due to an increase in Gulf Cooperation Council and Mainland Chinese shopper activity. Excluding Mainland Chinese and Russian shoppers, the recovery in November would have reached 150%¹ vs. 154%¹ in October and 157%¹ in Q3 ‘23.

Regarding origin markets, Gulf Cooperation Council shoppers have maintained a strong level of recovery, benefitting from Saudi Arabian shoppers’ half-term school vacation effect. The recovery reached 257%¹ in November vs. 241%¹ in October and 200%¹ in Q3 ’23. Conversely, the recovery for US residents has slightly softened, reaching 235%¹ in November vs. 260%¹ in October and 258%¹ in Q3 ‘23.

In terms of destination markets, November has maintained a stable recovery across most destinations with Switzerland at 144%¹, France at 139%¹, Spain at 137%¹, Greece at 135%¹, and Italy at 123%¹.

Asia Pacific recovery continues to propel

In Asia Pacific, the recovery rate continues to accelerate, reaching 152%¹ in November vs. 147%¹ in October and 134%¹ in Q3 ‘23. While Mainland Chinese shopper recovery remains stable, other Asian nationalities have driven this acceleration. When excluding Mainland Chinese shoppers (who represented 55% of Sales in Store in the region in 2019), the recovery would have reached 202%¹ in November vs. 189%¹ in October and 169%¹ in Q3 ‘23.

In terms of origin markets, residents from Hong Kong and Taiwan and North East Asia continue to drive the strong recovery in Asia Pacific. The recovery for Hong Kong and Taiwan travelers remains significantly high, reaching 554%¹ in November, in line with October and vs. 448%¹ in Q3 ‘23. Following closely behind are North East Asia travelers, with a recovery rate of 336%¹ in November vs. 276%¹ in October and 203%¹ in Q3 ‘23. Mainland Chinese shoppers have also remained strong, with a recovery rate reaching 102%¹ in November vs.109%¹ in October and 105%¹ in Q3 ‘23.