The Travel Retail 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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https://www.thebusinessresearchcompany.com/report/travel-retail-global-market-report
According to The Business Research Company’s Travel Retail, The travel retail market size has grown rapidly in recent years. It will grow from $79.24 billion in 2023 to $90.41 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to increased disposable income, rise in global urbanization, growing leisure and tourism industry, expansion of airports and other travel hubs, growing demand for luxury goods.
The travel retail market size is expected to see rapid growth in the next few years. It will grow to $150.38 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to increasing globalization, growing demand for personalized shopping experiences, increasing use of technology to enhance customer experience, growing demand for sustainable and eco-friendly products, increasing demand for online travel retail. Major trends in the forecast period include integration of advanced technology, collaboration between travel retailers and travel service providers, integration of augmented reality (ar) and virtual reality (vr), introduction of contactless and frictionless payment methods, data analytics for personalized marketing and customer engagement.
The growing number of international travellers is expected to propel the growth of the travel retail market going forward. Mass tourism and package holidays have opened markets to large numbers of individuals. Travel retail helps the international travellers to book their tickets at any place by using internet and it helps in making their journey easier, as a result increase in international travels will increase the demand for travel retail. For instance, according to TSA (Transportation Security Administration, USA), In July 2021, there are 6.5 million more daily travelers than in June 2021. Therefore, the increase in international travelers is expected to drive the growth of the travel retail market.
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The travel retail market covered in this report is segmented –
1) By Product Type: Perfume and Cosmetics, Wine and Spirit, Electronics, Luxury Goods, Food, Confectionery, and Catering, Tobacco, Other Products
2) By Channel: Airports, Cruise Lines, Border, Down Town and Hotel Shops, Railway Stations, Other Channels
3) By End Users: Children (less than 18 years old), Youth (18-30 years old), Middle-aged (18-59 years old), The Elder (greater than 60 years old)
Technological Advancement is a key trend gaining popularity in the travel retail market. Technological advancement is a discovery of knowledge that advances technology. Travel retailers are using data insights such as advanced knowledge about the arrival and destination of the customer, and to cater to specific needs. Staff and retail displays are designed to accommodate incoming passenger language and cultural sensitivity so that the right products are plainly visible to the right customers. For instance, In December 2021, Hudson Group, a US-based retail company announced the launch of a Just Walk Out Technology enabled Amazone One. It is a palm recognition service that allows shoppers to pay using their unique palm print. Hudson is the first travel retailer to offer this service.
The travel retail market report table of contents includes:
1. Executive Summary
2. Travel Retail Market Characteristics
3. Travel Retail Market Trends And Strategies
4. Travel Retail Market – Macro Economic Scenario
5. Global Travel Retail Market Size and Growth
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26. South America Travel Retail Market
27. Brazil Travel Retail Market
28. Middle East Travel Retail Market
29. Africa Travel Retail Market
30. Travel Retail Market Competitive Landscape And Company Profiles
Top Major Players:
- Aer Rianta International
- China Duty Free Group Co Ltd
- Dufry AG
- Duty Free Americas Inc
- Gebr Heinemann SE & Co KG
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