Global Blue Publishes October 2024 Tax-Free Shopping Business Update

Steady Growth in Continental Europe for International Shopping

In October 2024, international shopping in Continental Europe saw steady growth, with Sales in Store rising by +12% compared to the previous year. This increase was largely driven by a +14% growth in shopper numbers, though a slight decline of -2% in average spend per shopper occurred, likely due to slowing inflation.

Growth varied by origin market, with Gulf Cooperation Council (GCC) shoppers leading at +29% in Tax-Free Spend, followed by Mainland Chinese at +15%, and U.S. shoppers at +10%. Among destination markets, Spain and Italy performed particularly well, with Tax-Free Spend rising +21% and +15%, respectively, while France returned to pre-Olympics levels at +10%.

Moderation in Asia Pacific’s Hyper-Growth

In Asia Pacific, Sales in Store rose by +29% in October, fueled by a +32% increase in shoppers, though average spend per shopper decreased by -2%. This growth rate exceeded September’s +19%, largely due to a weaker Yen against the Chinese RMB.

Mainland Chinese shoppers led with a +50% increase in Tax-Free Spend, bolstered by a +76% rise in visitor numbers, driven by Golden Week demand in Japan and Singapore. Other notable gains included North East Asia at +17%, though spending from Hong Kong and Taiwan softened by -2%.

Top-performing destination markets in October included South Korea at +42%, Japan at +32%, and Singapore at +16%.

Worldwide Year-on-Year Growth Overview (2024 vs. 2023)

RegionOctober 2024September 2024Q3 2024Q2 2024Q1 2024
France+10%+7%+2%+10%+11%
Italy+15%+17%+16%+22%+29%
Spain+21%+24%+24%+33%+32%
Germany-5%-3%+5%+2%+6%
Total Europe+12%+11%+11%+19%+19%
Japan+32%+23%+57%+172%+137%
Singapore+16%-2%-3%-1%+25%
South Korea+42%+45%+42%+60%+110%
Total Asia Pacific+42%+19%+40%+109%+97%
Latin America+32%+19%+23%-2%+9%
Worldwide Total+17%+13%+19%+41%+40%

Global Recovery Rate (Compared to 2019)

RegionOctober 2024September 2024Q3 2024Q2 2024Q1 2024
France150%158%144%164%165%
Italy144%155%146%156%123%
Spain158%169%161%164%151%
Germany66%79%75%80%65%
Total Europe131%141%133%143%128%
Japan293%243%290%327%232%
Singapore87%74%81%92%92%
South Korea163%163%162%158%125%
Total Asia Pacific191%162%186%226%166%
Latin America132%142%104%101%94%
Worldwide Total146%146%145%165%140%

About Global Blue

Global Blue connects retailers, acquirers, and hotels with nearly 80 million shoppers across 53 countries, providing solutions for Tax-Free Shopping, Payments, and Post-Purchase services. Listed on the New York Stock Exchange, Global Blue recorded €28 billion in Sales in Store in FY 2023/24.

For more details, visit www.globalblue.com.

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