The duty-free retailing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Duty-Free Retailing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The duty-free retailing market size has grown strongly in recent years. It will grow from $37.09 billion in 2023 to $40.32 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to the expanding middle-class demographic globally, increased air travel connectivity, streamlined customs, and immigration procedures at airports, integration of local culture and heritage into duty-free offerings, and robust security measures and safety protocols.
The duty-free retailing market size is expected to see strong growth in the next few years. It will grow to $56.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing numbers of international travelers, higher disposable incomes worldwide, favorable currency exchange rates, well-designed airport layouts, changes in consumer demographics, such as an aging population or increasing millennial travelers, and consumer demand for exclusive and limited edition products. Major trends in the forecast period include the development and expansion of airports globally, investments in technology and customer service improvements, adoption of digital technologies and online platforms, technological advancements in payment systems, and integration of omnichannel retailing strategies.
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Scope Of Duty-Free Retailing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Duty-Free Retailing Market Overview
Market Drivers –
The surge in the international travel and tourism industry is expected to propel the growth of the duty-free retailing market going forward. The international travel and tourism industry is growing due to increased global connectivity, rising disposable incomes, and a growing desire for unique travel experiences. Duty-free retailing leverages international travel and tourism by offering tax-free goods at airports and border locations, attracting travelers seeking lower prices. For instance, in January 2024, according to UN Tourism, a Spain-based intergovernmental organization, international tourism receipts reached USD 1.4 trillion in 2023, recovering to approximately 93% of pre-pandemic levels from 2019. The projections indicate that international tourism will not only fully recover by 2024 but will also surpass pre-pandemic levels by 2%. Therefore, the surge in the international travel and tourism industry is driving the growth of the duty-free retailing market.
Market Trends –
Major companies operating in the duty-free retailing market are investing in advanced technologies such as seamless entry and exit systems in their stores to stay ahead of the competition. These systems allow customers to enter, shop, and leave without needing to go through manual checkouts. The technology utilizes sensors, cameras, and AI to track items and automatically process payments, making the shopping experience more convenient and efficient. For instance, in April 2021, Hudson Group, a US-based travel retailer, announced the introduction of its Hudson Nonstop concept at Chicago Midway International Airport (MDW). This innovative store, powered by Amazon’s Just Walk Out technology, enables travelers to shop without waiting in checkout lines. Customers can simply use their credit card to enter the store, pick up a variety of travel essentials such as snacks, electronics, and wellness items, and then leave.
The duty-free retailing market covered in this report is segmented –
1) By Product Type: Perfume And Cosmetics, Electronics, Wine And Spirits, Food, Confectionery And Catering, Tobacco, Luxury Goods, Other Types
2) By Ownership: Corporate Chains, Independent Owners, Franchises
3) By Sales Channel: Airports, Cruise Liners, Railway Stations, Border, Down-Town And Hotel Shop
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Regional Insights –
Asia-Pacific was the largest region in the duty-free retailing market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the duty-free retailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the duty-free retailing market are Qatar Airways, Lotte Corp., Lagardere SA, Avolta AG, SHINSEGAE INTERNATIONAL, China International Travel Service Co. LTD., Hyundai Department Store Group Co. Ltd., Gebr. Heinemann SE and Co. KG, Dubai Duty-Free, James Richardson Group, Duty-Free Americas Inc., DFS Group Ltd., Japan Airport Terminal Co. Ltd., Changi Airport Group Singapore Pte. Ltd., Duty Free Philippines Corp., 3Sixty Duty Free, Ever Rich Duty Free Shop, Flemingo International, King Power Group, Delhi Duty-Free Services Pvt. Ltd., Mumbai Duty-Free, The Shilla Duty free
Table of Contents
1. Executive Summary
2. Duty-Free Retailing Market characterstics
3. Duty-Free Retailing Market Trends And Strategies
4. Duty-Free Retailing Market – Macro Economic Scenario
5. Global Duty-Free Retailing Market Size And Growth
…..
32. Global Duty-Free Retailing Market Competitive Benchmarking
33. Global Duty-Free Retailing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Duty-Free Retailing Market
35. Duty-Free Retailing Market Future Outlook and Potential Analysis
36. Appendix
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