Rising Number of International Travelers is Driving the Travel Retail Market by 2031

Travel retail is a type of shopping that is done by people who are travelling. This can include buying things like souvenirs, gifts, and travel essentials. It can also include buying things that are not available in the country that they are travelling to. Travel retail can be done in person at shops and stalls, or online.

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Key Trends

There are a few key trends in travel retail technology:

1. Mobile commerce is on the rise. More and more consumers are using their mobile devices to book travel and make purchases while on the go. This trend is only going to continue, so businesses need to make sure their travel retail offerings are mobile-friendly.

2. Virtual reality is becoming more popular. This technology is being used more and more to give consumers a realistic preview of what their travel destination will be like. This can help them make more informed decisions about where to book their travel.

3. Augmented reality is also gaining popularity. This technology can be used to provide information about travel destinations and products in real time. This can be a valuable tool for helping consumers make decisions while they are on the go.

4. Personalization is key. Consumers want travel experiences that are tailored to their specific needs and preferences. Businesses need to be able to provide this if they want to stay competitive.

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Key Drivers

The major drivers of the travel retail market are the rising number of international travelers and the growing disposable income. Moreover, the increasing number of airports and the growing number of duty-free shops are also driving the market growth.

The rising number of international travelers is one of the major drivers of the travel retail market. The rise in the number of international travelers is expected to drive the market growth as they are more likely to buy products from duty-free shops.

The growing disposable income is another major driver of the travel retail market. The growing disposable income is expected to drive the market growth as people are more likely to spend on luxury products.

The increasing number of airports is also driving the market growth. According to the Airports Council International (ACI), the number of airports increased from 18,244 in 2000 to 43,060 in 2017. The increasing number of airports is expected to drive the market growth as they provide more opportunities for duty-free shops.

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The growing number of duty-free shops is also driving the market growth. According to the World Travel & Tourism Council (WTTC), the number of duty-free shops increased from 34,958 in 2000 to 58,414 in 2017. The growing number of duty-free shops is expected to drive the market growth as they provide more opportunities for people to buy products.

Market Segmentation

The travel retail market is segmented on the basis of product, channel, and region. By product, the market is divided into perfumes & cosmetics, wine & spirits, electronics and others. By channel, the market is classified into airports, cruise liners, railway stations, and border, downtown, & hotel shops. By region, the market is analyzed across North America, Europe, Asia-Pacific, and rest of the world

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Key Players

The key players in the travel retail market are Aer Rianta International, China Duty Free Group Co., Ltd., Dufry AG, Duty Free Americas, Inc., Gebr Heinemann SE, King Power International, Lotte Hotel, Lagardère SCA, LVMH Group and The Shilla Duty Free.

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