Global Travel Retail Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global travel retail market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global travel retail market size reached US$ 56.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 88.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.
The increasing globalization of businesses and leisure activities is propelling the growth of the market. Besides this, as international travel becomes more accessible and affordable, the number of passengers passing through major transportation hubs is rising. This increase in travel provides a vast and diverse customer base for the travel retail sector. Moreover, the increasing construction of various airports around the world to connect numerous destinations and amplify the number of flights to improve traveling experiences is bolstering the market growth.
Duty-free shopping is a significant driver of sales in the travel retail industry. Many travelers are enticed by the prospect of purchasing goods without paying certain taxes and duties, making products more affordable than in traditional retail outlets. This tax advantage encourages travelers to make impulsive and high-value purchases at airports and other travel retail locations. Moreover, people often purchase high-end and luxury products from the duty-free section, which are generally not available in their own country. This is also compelling innumerable brands to open their showrooms in airports to connect with a greater number of individuals.
The integration of technology is transforming the travel retail experience. Digital platforms and mobile applications enable retailers to engage with people, provide personalized offers, and streamline the shopping process. Additionally, technologies like virtual reality (VR) and augmented reality (AR), along with artificial intelligence (AI), are used to create immersive and interactive shopping environments. Moreover, numerous retail shops are providing online transaction facilities to make cashless payments and improve the overall shopping experience of individuals.
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Global Travel Retail Market Trends and Drivers:
High-end brands recognize the value of targeting affluent travelers, leading to an increased presence of luxury stores within transportation hubs. The exclusivity associated with travel retail, combined with the desire for premium products, is resulting in a growing need for luxury items in this sector. Additionally, companies are using technologies like virtual reality (VR) and augmented reality (AR) to create immersive and interactive shopping environments, further enhancing the overall customer experience.
Moreover, the increasing collaboration between retailers, brands, and airport authorities is bolstering the market growth.
Global Travel Retail Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Aer Rianta International, China Duty Free Group Co. Ltd., Dufry AG, Duty Free Americas Inc, Gebr. Heinemann SE & Co. KG, KING POWER International, Lagardère S.A, Lotte Hotels & Resorts (Lotte Corporation), LVMH Moët Hennessy Louis Vuitton and The Shilla Duty Free (Hotel Shilla Co. Ltd.).
The report segmented the market on the basis of region, product type, sector and distribution channel.
Breakup by Product Type:
- Perfume and Cosmetics
- Wine and Spirit
- Electronics
- Luxury Goods
- Food, Confectionery and Catering
- Tobacco
- Others
Breakup by Sector:
- Duty-Free
- Duty Paid
Breakup by Distribution Channel:
- Airports
- Cruise Liner
- Railway Station
- Border, Downtown and Hotel Shop
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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