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

In Continental Europe, recovery remains strong at 100%^[1] in February 2023 vs. the same period in 2019. Excluding Mainland China and Russia, the recovery reached 149%^[1] in February vs. 147%^[1] in January and 147%^[1] in Q4’22.

Regarding origin markets, Global Blue data shows a positive momentum across most nationalities. Gulf Cooperation Council citizens have reached a record high level of 286%^[1] vs. the same period in 2019. US nationals’ recovery also remains significantly ahead at 284%^[1]. Excluding Mainland China, Asian shopper recovery remains solid at 112%^[1].

In terms of destination markets, the Mediterranean countries are at the forefront of the recovery. The recovery was predominantly led by France at 143%^[1], Portugal at 142%^[1],Greece at 140%^[1], Switzerland at 118%^[1] and Spain at 91%^[1].

In Asia Pacific, recovery reached 74%^[1] in February vs. the same period in 2019. Excluding Mainland China and Russia, the recovery reached 164%^[1] in February vs. 159%^[1] in January and 134%^[1] in Q4’22.

In terms of origin markets, Hong Kong and Taiwan nationals are leading the recovery at 347%^[1] in February vs. the same period in 2019. This was followed by South East Asia nationals at 149%^[1], and North East Asia nationals at 142%^[1].

Regarding destination markets, Japan is leading the recovery with 85%^[1]. After Japan, recovery was closely followed by South Korea and Singapore at 61%^[1].

Since the reopening of China’s border in January, Mainland Chinese shopper recovery has been steadily improving, at 22%^[1] in Europe and 27%^[1] in Asia Pacific. Net of Chinese New Year seasonal impact, the recovery reached 33%^[1] in Continental Europe and 35%^[1] in Asia Pacific, vs. 17% and 26% respectively in January.

In terms of destination markets, the recovery was predominantly led by France and Germany in Europe, at 31%^[1] and 30%^[1] respectively, and by South Korea and Japan in Asia Pacific, at 36%^[1] and 28%^[1] respectively (non-restated figures from the Chinese New Year seasonal effect).

In February, Mainland Chinese shoppers’ willingness to travel remained strong at 76%^[2]. A gradual recovery is still expected due to limited air capacity. According to ForwardKeys data and Global Blue estimates, the air capacity recovery from Mainland China to Continental Europe and Asia Pacific should reach 25% in Q2, vs. 18% and 10% respectively in February.

• 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]According to the Global Blue Monthly Travel Sentiment barometer