Duty-free retailing is the practice of making purchases at stores with no sales tax at airports, ferries, and cruise ports. To avoid paying taxes at foreign borders, visitors and tourists frequently shop at duty-free retail stores.
Duty-Free Retail Market Report Scope and Research Methodology
The goal of the market report is to provide a current and future market scenario. The market report contains data on demand, income generation, sales, and revenue. Clients are informed about various growth components that are likely to be similar across the Duty-Free Retail industry by segmenting the market into different segments and sub-segments. The report also includes the industry’s top players, such as market leaders, new entrants, and followers. To ensure accuracy, the Duty-Free Retail market study was created using a top-down and bottom-up approach. accurate. SMR’s Duty-Free Retail The market report is the result of a study that used a number of methodologies, including PESTLE, PORTER, and SWOT analysis. The use of these methodologies provides insight into the Duty-Free Retail market’s strengths and weaknesses, as well as macroeconomic and microeconomic factors.
Duty-Free Retail Market Report Overview:
The report includes information about Duty-Free Retail Market key players, as well as a detailed analysis of their growth strategies, financial information and capacity, geographical presence, and product portfolio. The report explains the fundamental dynamics of the Duty-Free Retail market, including market drivers, opportunities, challenges, and restraints.
Duty-Free Retail Market Size was valued at USD 39.08 billion in 2021. Global Duty-Free Retail Market size is estimated to grow at a CAGR of 9.1 % over the forecast period.
Duty-Free Retail Market Regional Analysis:
The report includes information on the Duty-Free Retail Market’s key players, as well as detailed analysis of their growth strategies, financial information and capacity, geographical presence, and product portfolio. The report explains the fundamental dynamics of the Duty-Free Retail market, such as the drivers, opportunities, challenges, and restraints.
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Duty-Free Retail Market Dynamics:
New international airports are being built all over the world, creating significant economic opportunities for those involved in the industry. For example, the Airport Authority of India (AAI), a governmental organization in India that manages 125 airports, approved the first phase of an international airport called “Dholera” in Gujarat for USD 135.07 million (INR 987 crore) in February 2021. The International Aviation Summit 2019 predicted that India would have 190-200 operational airports by 2040, as stated in the Civil Aviation Ministry’s “Indian Aviation’s Vision 2040.” Delhi and Mumbai will each have three international airports, compared to two airports in each of India’s top 31 cities.
Duty-Free Retail Market Segmentation:
The international market is divided into types, such as cigarettes, alcohol, cosmetics, and perfumes. Throughout the forecast period, the perfumes segment is expected to account for the majority of market share. Luxury fragrances are distributed to duty-free shops all over the world by well-known international networks. Affluent international tourists frequently visit duty-free retail chains to purchase perfumes from internationally renowned brands such as Giorgio Armani, Al Haramain Dazzle Intense, Belle, Signature Rose, Signature Silver, and Khulasat Al Oud. Major distribution channels (EDC) carry all perfume types, including Perfume or De Perfume, Eau De Perfume (EDP), Eau De Toilette (EDT), and Eau De Cologne.
The market segmentation based on the sales channel includes airports, shipboards, seaports, train stations, and other locations. Airports dominate overall product sales. The growing number of domestic and international airports around the world favors product sales through this distribution channel. Several advancements in the “airports” category highlight the growing number of duty-free shops in airports around the world. For example, in April 2022, the Adani Group, an Indian integrated corporate conglomerate, and Flemingo, a Dubai-based operator, announced plans to open a duty-free shop at Thiruvananthapuram International Airport by the middle of May 2022. This tactical move (new establishment) also draws attention to the intensifying competition in the Indian market. Furthermore, seaports play an important role in the distribution of duty-free goods, especially in Asian markets. Seaports, like airports, help brands of various items become more visible on markets. Recent port-related developments provide appealing commercial opportunities for potential market participants. For example, India Tourism Development Corporation Ltd (ITDC), a subsidiary of the Ministry of Tourism, stated in November 2017 that it planned to open duty-free shops in all major seaports by 2021.
Duty-Free Retail Market Key Players:
China Duty-Free Group (China)
Lotte Duty-Free (South Korea)
The Shilla Duty-Free (South Korea)
Dufry AG (Switzerland)
DFS Group (China)
Gebr. Heinemann SE & Co. KG (Germany)
Shinsegae Duty-Free Inc. (South Korea)
The King Power International Group (Thailand)
Lagardère Group (France)
Dubai Duty-Free (UAE)
Key Questions answered in the Duty-Free Retail Market Report are:
Key offerings:
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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