Global Travel Retail Market Overview:
Travel retail refers to the selling of goods to international travellers on various locations which attract tourism. Mostly, such products are sold at airports. Also, at boarders shops, duty-free and travel retail are available. Considering the rise in the number of air travellers, which is projected to be 7.2 billion by 2035, the demand for travel retail is expected to gain traction during the forecasted year. Some of the key players profiled in the study are Aer Rianta International (Ireland), China Duty Free Group (China), DFASS Group (United States), DFS Group (Hong Kong), Dufry AG (Switzerland), Gebr. Heinemann SE & Co. KG (Germany), King Power International Group (Thailand) and Lotte Group (South Korea). According to Market Analyst at AMA, the Global Travel Retail market may see a growth rate of 8.6% and would reach the market size of USD143.46 Billion by 2024.
On the basis of geography, the market of Travel Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Channel, the sub-segment i.e. Airport will boost the Travel Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growth in Travel and Tourism Industry Worldwide
- Rise in Disposable Income and Growing Urbanization
Market Trend
- Focus by Service Providers to Gather Customer’s Information to Maximize Profit
- Growing Customer Engagement Through Social Media
Restraints
- Organised Nature of Local Market and Their Dominance Over Market
- Considerably High Operating Cost
Opportunities
- Rising Tourism, Especially Medical One in Emerging Countries
- Heavy Governments' Spending in Infrastructural Development, Suitable for Tourism
Challenges
- Stringent Regulatory Frameworks Regarding Sales on Airports
- Keeping in Pace with Consumers Changing Buying Behavior
Some jurisdictions (for example in non-EU Europe, Australasia, the Middle East and Latin America) offer travelers the opportunity to buy duty free goods on their arrival at their destination airport within the territory concerned. In such places, arrivals duty free has become an important source of revenue for airports. In some territories, the term “travel retail” was coined to define the sale of products in a travel environment on which taxes and duties remain payable even though the customer may be travelling internationally. This is notably the case within the European Union, where the sale of duty free goods to customers travelling within the EU was abolished in 1999. “Travel retail” is a term that commonly refers to sales made in travel environments where customers require proof of travel to access the commercial area, but which are subject to taxes and duties. Duty free & travel retail generates vital revenues for the aviation, travel, tourism and maritime industries.
Target Audience:
Travel Retail Service Providers, Suppliers/Distributors, Potential Investors, Market and Research Firms, Industry Associations, Government Agencies and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Travel Retail market on the basis of product [Perfume & Cosmetics, Wine & Spirit, Electronics, Luxury Goods, Food, Confectionery, & Catering, Tobacco and Others] , application [], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Travel Retail market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Travel Retail industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are James Richardson Corporation (Australia), Lagardère Group (France), The Naunace Group (Switzerland) and The Shilla Duty Free (South Korea).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Travel Retail market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.