The size of the travel retail market was estimated at USD 66,800 million in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 7.0% to reach USD 71,200 million by 2033. Sales made in travel-related settings, where clients must show evidence of travel to enter the business area and are subject to taxes and duties, are referred to as travel retail. In the travel retail industry, the demand for clothing, cosmetics, food items, and electronics has expanded due to an increase in travel and tourism.
Travel retail, also referred to as duty-free retail or airport retail, is the selling of items to foreign customers at specific sites, such as airports, cruise ships, border stores, and duty-free stores located in downtown areas. Products from cosmetics, perfumes, alcohol, tobacco, fashion and accessories, technology, and luxury items are all available at these retail stores. Travel retail offers customers a distinctive shopping experience, with tax-free rates and special items not found in standard retailers. The number of international passengers has increased recently, leading to a major expansion in the global travel sector.
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Travel Retail Market Segmentation
By Product
- Perfume & Cosmetics
- Confectionery & Fine Food
- Wine & Spirit
- Fashion & Accessories
- Electronics
- Tobacco
Regional Scope
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Key Players
- Dufry
- Lotte Duty Free
- Lagardère Travel Retail
- DFS Group
- Heinemann
- Shilla Duty-Free
Opportunity
Airports, rail stations, and ports are examples of improved transportation hubs that provide improved connection and accessibility, facilitating traveler access to their destinations. Infrastructure growth opens up additional space for retail stores at these transportation hubs so that customers may easily buy a variety of goods while traveling. The travel industry is growing as a result of this enhanced accessibility, which increases foot traffic and sales volumes at travel-related retail establishments. Upgrades to facilities and services are frequently accompanied by updated infrastructure, which improves visitors’ overall shopping experiences and encourages spending.
People are more likely to indulge in luxurious products and vacation experiences when they have more money to spend. Travel retail stores in train stations, airports, and other transportation hubs—places where travelers have the time and want to shop—benefit greatly from this trend. Furthermore, there is a strong correlation between greater disposable income and overseas travel, which boosts sales in duty-free and travel-related retail contexts. By leveraging this trend, travel stores may serve an increasing number of well-off customers who are looking for comfort and elegance when traveling.
Regional Analysis
Globally, the travel retail market is growing, with North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa being important regions. The travel retail sector in North America is substantial, and major airports in both the US and Canada act as important hubs for shopping. A significant amount of domestic, international, and corporate traveler traffic benefits the area. Due to its robust economy and huge volume of passenger travel, the United States contributes significantly to the industry. Luxury brands and duty-free shopping are well-liked by North American tourists.
The retail travel industry in Europe is well-established and diversified, with significant businesses operating at most of the continent’s airports. International passengers are drawn to airports in nations like the United Kingdom, France, Germany, and Spain in large numbers. Duty-free shops, fashion boutiques, and luxury brands coexist in the region’s market. One of Europe’s main attractions for tourists is tax-free shopping. The retail travel industry has grown significantly in the Asia Pacific area in recent years. Airports in nations like Singapore, South Korea, Japan, and China have grown to be important hubs for both local and foreign shoppers. The industry is growing as a result of the development of middle-class customers and rising outbound travel from nations like China. Among tourists in Asia Pacific, luxury items, cosmetics, and electronics are prominent categories.
Key Trend
1. Social responsibility and sustainability
Travel agencies are becoming more aware of social and environmental problems. They are implementing sustainable practices, such as providing eco-friendly items, cutting back on plastic packaging, and giving back to the community. The increasing inclination of travelers towards eco-friendly businesses has resulted in the growth of sustainable travel retail efforts.
2. Development of developing markets
Outbound tourism is surging in emerging nations as travel becomes more affordable. As a result, travel-related retail has grown around the world, including in Latin America, the Middle East, and Asia-Pacific. To meet the increasing demand, airports in these areas are making investments in retail space and infrastructure.
Scope of the Report
This research provides estimates and analysis for the Travel Retail Market for the past, present, and future. An extensive research approach was used to establish the market estimations that are included in the study. Multiple research channels are used in the accepted research approach, including primary, secondary, and subject-related expert input. The Seasonal Affective Disorder Market is estimated by taking into account the impact of many economic, social, and political aspects in addition to the present market dynamics. The market data is also defined by different laws, government expenditures, and the expansion of research and development. The market projections take into account both favorable and unfavorable changes in the market.
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