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

Fresh data from Global Blue (NYSE:GB) reveals that the global dynamic recovery for Tax Free Shopping has remained solid across Continental Europe and Asia Pacific compared to previous months.

Globally, issued Sales in Store like-for-like recovery reached 130%¹ in December versus 125%¹ in October/November and 123%¹ in Q3 ’23.

A sustained recovery in Continental Europe

In Continental Europe, the recovery remains solid reaching 121%¹ in December vs. 117%¹ in October/November and 119%¹ in Q3 ’23, despite the events in Palestine. Excluding Mainland Chinese and Russian shoppers, (who represented 25% and 8% of Sales in Store in the region in 2019), the recovery would have reached 154%¹ in December vs. 153%¹ in October/November and 157%¹ in Q3 ‘23.

In terms of origin markets, US shoppers have sustained a strong level of recovery, reaching 246%¹ in December, consistent with October/November at 249%¹ and Q3 ’23 at 258%¹. GCC shopper recovery also remains solid at 230%¹ in December, vs. 248%¹ in October/November and 200%¹ in Q3 ‘23.

Regarding destination markets, December has maintained a stable recovery across most destinations with Greece at 165%¹, France at 145%¹, Spain at 143%¹, Switzerland at 133%¹, and Italy at 119%¹.

A steady recovery in Asia Pacific

In Asia Pacific, the recovery rate remains solid, reaching 151%¹ in December vs. 149%¹ in October/November and 134%¹ in Q3 ‘23 with Japan driving the acceleration in this region.

When excluding Mainland Chinese shoppers (who represented 55% of Sales in Store in the region in 2019), the recovery would have reached 198%¹ in December vs. 196%¹ in October/November and 169%¹ in Q3 ‘23.

Regarding origin markets, residents from Hong Kong and Taiwan and North East Asia continue to drive the strong recovery in Asia Pacific. Notably, travelers from Hong Kong and Taiwan sustained a significantly high recovery, reaching 512%¹ in December vs. 555%¹ in October/November and 448%¹ in Q3 ‘23. Following behind are North East Asia travelers, with a recovery rate of 336%¹ in December vs. 306%¹ in October/November and 203%¹ in Q3 ‘23.

When examining destination markets, Japan continues to propel in Asia Pacific due to the attraction of the weakened Japanese Yen, reaching 231%¹ in December, followed by South Korea at 106%¹.

Worldwide recovery of Mainland Chinese shoppers

In December, the worldwide Sales in Store like-for-like recovery of Mainland China shoppers reached 82%¹ vs. 77%¹ in October/November and 70%¹ in Q3’23.