Global Blue Releases The Monthly Tax Free Shopping Business Update For January 2023

In Continental Europe, recovery is stabilized at 106%^[1] in January 2023 vs. the same period in 2019. Within reopened travel corridors^[2], the recovery reached 147%^[2].

Regarding origin markets, Global Blue data shows a sustained recovery across most nationalities. US nationals’ recovery continues to reach new heights, with a recovery of 297%^[1] vs. the same period in 2019, while Gulf Cooperation Council citizens reached 224%^[1] vs. the same period in 2019.

Asian shopper recovery continues to progress with South East Asia shopper recovery reaching 153%^[1] vs. the same period in 2019. Hong Kong and Taiwanese shopper recovery has propelled with a recovery of 139%^[1] vs. the same period in 2019.

In terms of destination markets, the Mediterranean countries are at the forefront of the recovery. The recovery was predominantly led by France at 145%^[1], Portugal at 144%^[1],Greece at 139%^[1], Spain at 120%^[1], and Switzerland at 107%.

In Asia Pacific, recovery reached 96%^[1] in January vs. the same period in 2019. Within reopened travel corridors^[2], the recovery reached 158%^[1].

In terms of origin markets, Hong Kong and Taiwan nationals are propelling the recovery at 385%^[1] in January vs. the same period in 2019. This was followed by North East Asia nationals at 159%^[1], and South East Asia nationals at 133%^[1].

Regarding destination markets, Japan is leading the recovery with 116%^[1]. After Japan, recovery was closely followed by South Korea at 76%^[1], and Singapore at 70%^[1].

The reopening of borders on January 8 has led to a slight acceleration of the recovery from Mainland Chinese shoppers. The recovery reached 22%^[1] in Continental Europe (+4 ppts compared to December) and 38%^[1] in Asia Pacific (+8 ppts compared to December), despite limited air capacity at 10%. Destinations without additional testing requirements are experiencing a stronger recovery, such as Switzerland with a recovery at 35%^[1], and Singapore at 45%^[1].

In January, Mainland Chinese shoppers’ willingness to travel reached a record-high at 76%^[3]. However, a gradual recovery is expected due to limited air capacity. According to ForwardKeys data, the air capacity recovery from China to Continental Europe and Asia Pacific should reach 25% in Q2.

• Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman
• South East Asia include: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore
• North East Asia include: Japan, Korea

[1]Recovery rate is equal to 2023 Issued Sales in Store divided by 2019 Issued Sales in Store, like-for-like (i.e.: at constant merchant scope and exchange rates).
[2]Open corridor is defined as a travel line between two countries, where there is no more sanitary or visa restrictions to go in the destination country and to come back in the origin country.
[3]According to YTD and the Global Blue Monthly Travel Sentiment barometer.