COVID-19 IMPACT: Travel Retail Market Growth, Restrains and Opportunities 2018-2025 | DFS Group, Dufry, LS travel retail, Lotte Duty Free, King Power International Group, The Shilla Duty Free

The global travel retail market has witnessed steady growth in the recent years. Asia-Pacific and Europe are some of the largest travel markets in the world. The adoption of branded & premium clothing, exotic fragrances, and organic skincare products witnessed significant growth, owing to increase in population and economic stability. Thus, most of the retail companies have expanded their outlets in India, China, and other Asia-Pacific countries to strengthen their foothold.

The global travel retail market is expected to reach $153.7 billion by 2025, registering a CAGR of 9.6% during the forecast period. Substantial development of the travel & tourism sector, including medical tourism, fosters the demand for travel retail services.

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Rise in travel & tourism has augmented the demand for apparels, cosmetics, food items, and electronic retail in the travel retail market. Moreover, increase in urbanization and changes in lifestyle are expected to propel the growth of the global travel retail market during the forecast period. In addition, rise in disposable income among the middle-income groups and improvement in economic conditions majorly drive the growth of the market. Also, factors such as technological advancements further boost growth of the market as it increases convenience of accessing transport or booking hotels through online portals. However, unorganized local markets and strict government regulations pertaining to airport retailing impede the growth of the travel retail market. Moreover, increase in the number of millennial population is expected to drive the growth of the market.

The global travel retail market is segmented based on product, channel, and region. The product segment includes perfumes & cosmetics, wine & spirits, tobacco, electronics, luxury goods, food & confectionery, and catering & others. The luxury goods segment possesses high growth potential in the emerging markets, and is anticipated to witness steady growth in the developed regions, owing to early adoption of premium lifestyle. Rise in disposable income, exposure to social media, urbanization, and preference toward investments on personal luxury goods are some of the factors that further drive the market growth. Based on channel, the market is classified into airports; cruise liners; railway stations; and border, downtown, & hotel shops. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Railway stations have witnessed a considerable growth over the years. For instance, the London's King's Cross station established an airy-bar restaurant with wooden floors and vintage leather sofas, with an aim to provide comfort to travelers. The station also has various branded stores with different product categories such as clothing and accessories for both men and women, sportswear, music stores with products including audio equipment, CD and vinyl, accessories, and others. These factors boost the growth of the travel retail market at railway stations.

The report offer a comprehensive analysis of the key players such as 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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Related Link : https://www.prnewswire.com/news-releases/travel-retail-market-to-garner-153-7-billion-by-2025--globally-allied-market-research-300914114.html

https://www.globenewswire.com/news-release/2019/03/19/1757104/0/en/Travel-Retail-Market-Projected-to-Attain-153-7-Bn-by-2025-at-9-6-CAGR-Says-AMR.html

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