Travel Retail Market Overview:
Travel Retail Market size is expected to reach $125.1 billion by 2023, registering a CAGR of 8.9% during the forecast period. Substantial development of the travel & tourism sector, including medical tourism, fostered the demand for travel retail services.
Rise in travel & tourism has intensified the demand for apparels, cosmetics, food items, and electronics retail in the travel retail market. Moreover, increase in urbanization and changes in lifestyle are expected to propel the growth of global travel retail market during the forecast period. However, unorganized local markets and strict government regulations pertaining to airport retailing impede the travel retail market growth.
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This global travel retail market is segmented on the basis of product, channel, and geography. The product segment includes perfumes & cosmetics, wine & spirits, tobacco, electronics, luxury goods, food & confectionery, and catering & others. The luxury goods segment possesses high growth potential in the emerging markets, and is anticipated to witness steady growth in the developed regions, owing to early adoption of premium lifestyle. Rise in disposable income, exposure to social media, urbanization, and preference towards investments on personal luxury goods are some of the factors that further drive the market growth. Based on channel, the market is classified into airports; cruise liners; railway stations; and border, downtown, & hotel shops. Regionally, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Asia-Pacific is the largest travel retail market in the world. The travel retail market in Asia-Pacific is heavily dependent on the tourism industry, as many foreign investors visit countries such as Hong Kong and Malaysia for tax-free shopping. Various market players are keen to expand their market presence by establishing themselves in the Asian markets. For instance, in 2015, Mitsui Outlet Park KLIA, a premium outlet mall was inaugurated in Kuala Lumpur, near the international airport. Bally, Guess, and Boss by Hugo Boss are some of the luxury brand stores in that mall. In addition, Dior Homme, Jimmy Choo, Tiffany & Co, Roger Vivier, MCM, Roos, and Alexander Wang have established their retail stores in Thailand.
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The standard of living among people is increasing, owing to higher disposable incomes, improvement in lifestyle, and increase in corporate culture. Increased proliferation of corporate entities in the developing nations has popularized the “carrying expensive & luxurious products” culture among consumers. Thus, the luxury goods segment in the travel retail industry is expected to grow at the fastest rate.
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Railway stations have witnessed a considerable growth over the years. For instance, the London’s King’s Cross station established an airy-bar restaurant with wooden floors and vintage leather sofas, with an aim to provide comfort to the travelers. These factors have resulted in the growth of travel retail market at railway stations.
The report includes comprehensive analysis of the key players such as DFS Group, Dufry, LS travel retail, Lotte Duty Free, King Power International Group, The Shilla Duty Free, Gebr, Heinemann, China Duty Free Group (CDFG), Aer Rianta International (ARI), and The Naunace Group.
Key Benefits
- This report provides an in-depth analysis of the global travel retail market to identify the potential investment pockets.
- It outlines the current trends and future scenarios to determine the overall market potential and gain stronger market foothold.
- Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
- Quantitative analysis of the market from 2016 to 2023 is highlighted to recognize the financial competency of the market.
- Porter’s Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
Travel Retail Market Key Segments:
By Product Type
- Perfumes & Cosmetics
- Wine & Spirits
- Electronics
- Luxury Goods
- Food, Confectionery, & Catering
- Tobacco
- Others
By Channel
- Airports
- Cruise Liners
- Railway Stations
- Border, Downtown & Hotel Shops
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Italy
- France
- Germany
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa