GCC Duty-Free Retailing Market is Predicted To Hit a CAGR of 10.50% by 2028

IMARC Group, a leading market research company, has recently releases report titled "GCC Duty-Free Retailing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the GCC duty-free retailing market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the GCC Duty-Free Retailing Market?

The GCC duty-free retailing market is projected to exhibit a growth rate (CAGR) of 10.50% during 2023-2028.

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What is Duty-Free Retailing?

Duty-free retailing involves selling goods to international travelers without subjecting them to local import duties, taxes, or customs tariffs. This commerce is typically conducted through luxury stores situated at international airports, seaports, and border crossings, creating a distinctive shopping experience for travelers with a diverse array of items, often at discounted prices. This setup allows travelers to explore and purchase a wide range of products, spanning from apparel, footwear, handbags, clutches, belts, and sunglasses to luxury perfumes, scarves, shawls, and even distinctive home décor items such as curtains, rugs, carpets, and cushions. Additionally, duty-free stores offer a diverse selection of consumable items like chocolates and dry fruits, frequently purchased by travelers as souvenirs. The industry is subject to stringent regulations imposed by customs and border control authorities to ensure adherence to international trade laws. This system not only appeals to tourists, encouraging them to spend, but also contributes significantly to the local economy by generating revenue and creating employment opportunities. Moreover, duty-free retailing serves as a platform for brands to connect with an international audience of travelers, enhancing brand recognition and fostering increased demand for their products. The symbiotic relationship between duty-free shopping and the travel industry underscores its multifaceted impact on both global commerce and local economies.

GCC Duty-Free Retailing Market Trends and Drivers:

Currently, the surge in demand for exclusive, premium, and luxury items among international travelers is a key driver fueling market growth in the GCC region. Additionally, the adoption of e-commerce platforms, virtual storefronts, and mobile applications is playing a significant role by providing travelers the convenience of pre-ordering duty-free goods and seamlessly obtaining them at airports or border crossings. Moreover, the growing focus on eco-friendly and ethically sourced products, propelled by evolving consumer preferences for environmentally conscious shopping and stringent regulations encouraging duty-free retailers to reduce their carbon footprint and engage in ethical sourcing, is contributing to a positive market outlook in the region. Furthermore, the integration of data analytics and customer insights is shaping the duty-free shopping experience. Retailers are utilizing data-driven solutions to gain a deeper understanding of buyer preferences, behaviors, and purchasing patterns, allowing them to tailor their product offerings and marketing strategies for a more personalized shopping experience.

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GCC Duty-Free Retailing Market 2023-2028 Analysis and Segmentation:

The report segmented the market on the basis of region, product type and distribution channel.

Product Type Insights:

• Beauty and Personal Care
• Wines and Spirits
• Tobacco
• Eatables
• Fashion Accessories and Hard Luxury
• Others

Distribution Channel Insights:

• Airports
• Airlines
• Ferries
• Others

Country Insights:

• Saudi Arabia
• UAE
• Qatar
• Bahrain
• Kuwait
• Oman

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.