Global Duty Free & Travel Retail Market Overview:
Duty-free and travel retail is a retailing channel offering items to worldwide explorers in an exceptionally controlled retail climate administered by customs remittances, for example, air terminals, ports, ships, voyage ships, and landline shops, and their tasks are represented by public traditions specialists. Items that can be sold duty-free fluctuate by ward and various standards dependent on the job estimations, remittance limitations, and different variables. Air terminals address most of such deals around the world Duty-free and travel retail produces essential incomes for public flight, travel, and the travel industry ventures. Air terminals specifically progressively depend on business incomes to subsidize the improvement of their framework and to assist them with keeping the arrival charges payable via aircrafts as low as could be expected. At air terminals across the world, retail is presently the biggest supporter of non-aeronautical pay.
- The rising popularity of the travel and tourism industry
- The increasing focus on digitalizing the retailing process to maximize profits
- The growing demand for retail chains for luxury and premium brands of various products
- Lack of customer interest in shopping at airports
- Lack of promotion campaigns at these stores and high prices of products
- Companies are partnering with duty-free stores to launch limited or exclusive products
- Opening more duty-free and travel retail shops to increase different growth opportunities
- The difficulty for the local players to introduce their product in duty-free and travel retail shops
The Duty-Free and Travel Retail market is highly fragmented, and the top players overwhelmed the market with a larger part share. The giant players are expanding concentration around offering an assorted and wide scope of items that might empower the merchants to draw in countless buyers and gain enormous portions of the overall industry. The adoption of promotional campaigns and alluring value contributions might assist the players with supporting the opposition in the obligation-free and travel retail market.
Some of the key players profiled in the report are Aer Rianta International (Ireland), China Duty-Free Group (China), DFS Group (Hong Kong)., The Shilla Duty-Free (South Korea), Dubai Duty-Free (Dubai), Dufry (Switzerland), Lotte Duty-Free (South Korea), Duty-Free Americas (United States), Ever Rich Duty-Free (Taiwan) and Gebr. Heinemann (Germany). Additionally, following companies can also be profiled that are part of our coverage like Sinsegae Duty-Free (Republic of Korea), King Power International Group (Thailand), W H Smith (United Kingdom) and Lagardere Travel Retail (France). Analyst at AMA Research see South Korea Vendors to retain maximum share of Global Duty Free & Travel Retail market by 2026. Considering Market by By Product Brand, the sub-segment i.e. Local Brand will boost the Duty Free & Travel Retail market.
On 10 June 2021, Dufry, a leading global travel retailer, has been made a new ten-year concession contract at the Martinique Aimé Césaire International Airport. The increased retail space will also enable the offering of a larger product mix from global brands covering all typical duty-free categories, such as perfume and cosmetics, confectionery, tobacco, spirits, jewelry, and travel accessories. A refined selection of local food and souvenirs will complete the product assortment and provide a distinctive sense of place for this tropical island.
What Can be Explored with the Duty Free & Travel Retail Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Duty Free & Travel Retail Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Duty Free & Travel Retail
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Duty Free & Travel Retail market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Duty Free & Travel Retail market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Industrial Associations, Regulatory Bodies, Retail Suppliers, Local, National, and Global Brands and Other.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Duty Free & Travel Retail Market?
The Duty Free & Travel Retail market is expected to see a CAGR of % during projected year 2020 to 2026.
2. Who are the top performing companies in Duty Free & Travel Retail Market?
Top performing companies in the Global Duty Free & Travel Retail market are Aer Rianta International (Ireland), China Duty-Free Group (China), DFS Group (Hong Kong)., The Shilla Duty-Free (South Korea), Dubai Duty-Free (Dubai), Dufry (Switzerland), Lotte Duty-Free (South Korea), Duty-Free Americas (United States), Ever Rich Duty-Free (Taiwan) and Gebr. Heinemann (Germany), to name a few.
3. What trending factors would impact Duty Free & Travel Retail Market growth most?
"Increase in the Duty-free and travel retail globally
" is seen as one of major influencing trends for Duty Free & Travel Retail Market during projected period 2020-2026.