Travel Retail Market To See Strong Growth of $153.7 Billion by 2025
Shopping has evolved from being merely a complementary tourist activity to a pertinent motivational pursuit to select a destination. Moreover, increase in travel and tourism has revolutionized the scope of the travel retail industry. Travel has become more feasible than it was earlier, and thus customers are getting attracted toward the retail channel. Furthermore, travel retail spaces have experienced major modifications in the recent past, which have enabled travel retail brands to offer unique shopping experiences for their customers. In addition, economic development, rapid urbanization, and upsurge in disposable income have increased the traveler's capacity and affordability to purchase exclusive products. This has created a positive impact on the expansion of the travel retail market.
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In 2018, Asia-Pacific was the major shareholder in the travel retail market, and is expected to retain its dominance throughout the forecast period. This is attributed to factors such as improved living standards, rise in disposable income especially in India and China, and development of the tourism industry. Moreover, increase in purchasing power parity, accessibility to luxury brands through travel retail outlets, and introduction of budget-friendly airfares by airlines have significantly contributed toward the expansion of the travel retail channel in the region.
The competition for shelf space in travel retail outlets is witnessed to be fierce. This is attributed to the fact that the travel retail market is fragmented, comprising a plethora of brands competing by means of distinct approaches and strategies.
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Key Findings of the Study
oBy channel, the airports segment accounted for the maximum market revenue in 2017, and is projected to grow at a CAGR of 9.6% during the forecast period.
oOn the basis of channel, the border, downtown, & hotel shops segment is expected to grow at the highest CAGR of 10.1%.
oBy product type, the luxury goods segment is expected to grow at the highest CAGR of 12% during the forecast period.
oChina was the major shareholder in the Asia-Pacific travel retail industry, accounting for around 67.4% share in 2017.
The key players in travel retail industry have focused on expanding their business operations in emerging countries by adopting various strategies, such as acquisition and contact/agreement. The major players profiled in this report include DFS Group, Dufry, LS travel retail, Lotte Duty Free, King Power International Group, The Shilla Duty Free, Gebr, Heinemann, China Duty Free Group (CDFG), Aer Rianta International (ARI), and The Naunace Group.
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