\nNew data from Global Blue (NYSE:GB) shows that the dynamic recovery for Tax Free Shopping has continued to strengthen across Continental Europe and Asia Pacific.\n<\/p>\n
\nIn Continental Europe, issued sales in store like-for-like has a stabilized recovery at 106%1<\/sup> in January vs. the same period in 2019. This strong recovery is despite an unfavorable basis of comparison due to the Orthodox New Year and the start of the Chinese New Year. US nationals continue to lead the recovery in the region.\n<\/p>\n \nIn Asia Pacific, the dynamic recovery continues to propel, reaching 96%1<\/sup> in January vs. the same period in 2019. Japan remains a leader in the region with a strong and steady recovery.\n<\/p>\n \nThe reopening of China\u2019s border on January 8 has led to a slight acceleration of the recovery from Mainland Chinese shoppers in both Continental Europe and Asia Pacific. However, a gradual return to 2019 levels is expected.\n<\/p>\n A stabilized recovery in Continental Europe \nRegarding origin markets<\/b>, Global Blue data shows a sustained recovery across most nationalities. US nationals\u2019 recovery continues to reach new heights, with a recovery of 297%1<\/sup> vs. the same period in 2019, while Gulf Cooperation Council citizens reached 224%1 <\/sup>vs. the same period in 2019.\n<\/p>\n \nAsian shopper recovery continues to progress with South East Asia shopper recovery reaching 153%1<\/sup> vs. the same period in 2019. Hong Kong and Taiwanese shopper recovery has propelled with a recovery of 139%1<\/sup> vs. the same period in 2019.\n<\/p>\n \nIn terms of destination markets<\/b>, the Mediterranean countries are at the forefront of the recovery. The recovery was predominantly led by France at 145%1<\/sup>, Portugal at 144%1<\/sup>,Greece at 139%1<\/sup>, Spain at 120%1<\/sup>, and Switzerland at 107%1<\/sup>.\n<\/p>\n Progressing recovery across all destinations in Asia Pacific \nIn terms of origin markets, <\/b>Hong Kong and Taiwan nationals are propelling the recovery at 385%1<\/sup> in January vs. the same period in 2019. This was followed by North East Asia nationals at 159%1<\/sup>, and South East Asia nationals at 133%1<\/sup>.\n<\/p>\n \nRegarding destination markets<\/b>, Japan is leading the recovery with 116%1<\/sup>. After Japan, recovery was closely followed by South Korea at 76%1<\/sup>, and Singapore at 70%1<\/sup>.\n<\/p>\n A gradual recovery for Chinese shoppers \nIn January, Mainland Chinese shoppers\u2019 willingness to travel reached a record-high at 76%3<\/sup>. 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.\n<\/p>\n APPENDIX<\/b><\/p>\n Glossary<\/b><\/p>\n \n– Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman YTD Data<\/b><\/p>\n
\n
<\/b>In Continental Europe, recovery is stabilized at 106%1<\/sup> in January 2023 vs. the same period in 2019. Within reopened travel corridors2<\/sup>, the recovery reached 147%2<\/sup>.\n<\/p>\n
\n
<\/b>In Asia Pacific, recovery reached 96%1<\/sup> in January vs. the same period in 2019. Within reopened travel corridors2<\/sup>, the recovery reached 158%1<\/sup>.\n<\/p>\n
\n
<\/b>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<\/sup> in Continental Europe (+4ppts compared to December) and 38%1<\/sup> 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<\/sup>, and Singapore at 45%1<\/sup>.\n<\/p>\n
\n
– South East Asia include: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore
\n
– North East Asia include: Japan, South Korea\n<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230209005117\/en\/833875\/3\/GB_logo_2019.jpg\"){kind=logo}
<\/td>\n<\/tr>\n