The Duty Free And Travel Retail Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Duty Free And Travel Retail Global Market Report 2024, The duty free and travel retail market size has grown rapidly in recent years. It will grow from $42.02 billion in 2023 to $48.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to growing global travel, increasing disposable income, the expansion of duty-free stores, rising tourism, regulatory changes in duty-free allowances, and increasing promotional offers and discounts.
The duty free and travel retail market size is expected to see rapid growth in the next few years. It will grow to $83.50 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to a growing middle-class population, enhanced airport infrastructure, an increasing shift toward experiential shopping, rising international travel and tourism, changing consumer preferences, regulatory changes, and trade agreements. Major trends in the forecast period include digital integration, omnichannel retailing, personalization and customization, the popularity of eco-friendly products, a focus on health and wellness products, and the emergence of luxury and premium offerings.
The growing international travel is expected to propel the growth of the duty-free and travel retail markets going forward. International travel is journeying between countries for purposes such as tourism, business, or other personal reasons. The surge in international travel is fueled by globalization, affordable airfares, business expansion, digital nomadism, and the allure of cultural exploration facilitated by improved transportation and technology. Duty-free and travel retail services allow travelers to purchase goods such as alcohol, tobacco, and luxury items at lower prices, often tax-free, enhancing the travel experience. For instance, in January 2024, according to the United Nations World Tourism Organization (UNWTO), a Spain-based international organization in the field of tourism, international air capacity, and passenger demand recovered to 90% of pre-pandemic levels through 2023, while global occupancy rates in accommodation establishments reached 65% in November 2023, up from 62% in November 2022. Therefore, the growing international travel market will drive the growth of duty-free and travel retail markets.
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The duty free and travel retail market covered in this report is segmented –
1) By Product Type: Beauty And Personal Care, Tobacco, Eatables, Wines And Spirits, Fashion Accessories, Hard Luxury, Other Product Types
2) By Travel Type: Leisure, Business
3) By Distribution Channel: Airports, Airlines, Ferries, Other Distribution Channel
Major companies operating in the duty-free and travel retail markets are adopting a strategic partnership approach to enhance their integration of augmented reality and virtual reality and their market reach. A strategic partnership typically refers to a collaborative relationship between two or more organizations combining their resources, expertise, and efforts to achieve common goals or objectives. For instance, in May 2023, Coty Inc., a US-based beauty company, collaborated with Shilla Duty-Free, a South Korean-based travel retail company, to create new ways of engaging with travelers for the duty-free and travel retail markets. The partnership aims to enhance the customer shopping experience by integrating advanced digital technologies, such as augmented reality (AR) and virtual reality (VR) simulations, into their retail operations to create a more engaging and personalized environment for shoppers, thereby increasing sales and fostering customer loyalty. The partnership seeks to offer a seamless and interactive shopping experience that aligns with the evolving preferences of travelers and duty-free consumers, positioning both companies as leaders in digital transformation within the travel retail sector.
The duty free and travel retail market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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