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Global Duty Free Retailing Market,Top key players are DFS Group Limited, Dufry AG, Lotte Co., Ltd., Lagardère, Aer Rianta International (ARI), China Duty Free Group Co

02-14-2019 01:12 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: REPORTSANDMARKETS

Global Duty Free Retailing Market,Top key players are DFS Group

Global Duty Free Retailing Market 2019 by Company, Regions, Type and Application, Forecast to 2024

Duty-free retailing is regarded as alternative solution to meet passenger’s demands. Duty-free retail is a unique selling channel to cater the international tourists and travelers. This has emerged as one of the important sources of income and marketing opportunity for various businesses around the globe. Products that can be sold duty free vary by jurisdiction and different rules are applied based on excise duty calculations, import allowance restrictions and other factors.

The success of the duty-free retail channel is fundamentally attributed to the rise of global tourism and aviation. The businesses in the duty free channel operate in a universal trading environment that meets the needs of travelling buyers, globally.

Duty-free retailing includes various products such as fashion apparel and accessories, hard luxury goods, and electronics; cosmetics and perfumes; wines and spirits; tobacco; and confectionary and fine foods.

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Some of the key players operating in this market include: DFS Group Limited, Dufry AG, Lotte Co., Ltd., Lagardère, Aer Rianta International (ARI), China Duty Free Group Co., Ltd., Dubai Duty Free, Duty Free Americas, Inc., Gebr. Heinemann SE & Co. KG, King Power International Co., Ltd., HOTEL SHILLA CO., LTD. (The Shilla Duty-free), and JR / GROUP.

New airport terminals are designed with consideration for large and vibrant retail spaces as retail contributes substantial share in the non-aeronautical income, thus duty-free retail shops play vital role in modern airport terminals. Self-service solutions such as kiosks have empowered travelers with choices and control over purchases, and thus are driving duty free retailing market worldwide. Convenience provided by self-service solutions is resulting in more satisfied customers, thus impacting their loyalty toward airline services that allows them to purchase items via self-service stations. Furthermore, many manufacturers consider this retailing channel as a cost-effective route to advertise new products to an international audience.

Additionally, these passengers prefer buying expensive items such as cosmetics, fragrances, wines and liquor, and fashion accessories available at much lower prices due to exemption of excise duties at airports.
Despite the presence of factors driving the duty free retailing market, stringent government regulations restrict the ability of manufacturers to access this important market. Moreover, these stringent rules act as hurdles to add new products, particularly for SMEs and local manufacturers, thus restricting customer’s choices.

Another important factor hindering the growth of duty free retailing market is linguistic barrier which creates communication gap between the seller and buyers. The duty free retailing market is segmented on the basis of product, location and geography. The duty free retailing market by product is further segmented in to beauty and personal care, wines and spirits, tobacco, eatables, fashion accessories and hard luxury.

These duty-free retail shops are mostly found at locations such as airports, railway stations and ports. The duty free retailing market is anticipated to expand significantly in the Asia Pacific region with growing tourism industry in this region. Smart airport initiatives across the globe are also expected to aid the growth of duty free retailing market during the coming years.

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Market research is the new buzzword in the market, which helps in understanding the market potential of any product in the market. Reports And Markets is not just another company in this domain but is a part of a veteran group called Algoro Research Consultants Pvt. Ltd. It offers premium progressive statistical surveying, market research reports, analysis & forecast data for a wide range of sectors both for the government and private agencies all across the world.

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Manager - Partner Relations & International Marketing
www.reportsandmarkets.com
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