Duty Free and Travel Retail Market Trends, Sales Analysis, Revenue, Report 2023-2028

The global duty-free and travel retail market size reached US$ 37.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.

The significant growth in the tourism industry is one of the key factors driving the market growth. In line with this, the increased time spent by passengers at airports due to security concerns and early check-in times is favoring the market growth.

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Factors Affecting the Growth of the Duty-Free and Travel Retail Industry:

• Increasing International Travel:

The increasing international travel among the masses across the globe is bolstering the growth of the market. In line with this, traveling is becoming more accessible and convenient to individuals and allows them to indulge in shopping at airports. People are increasingly purchasing essential or luxury goods from duty-free stores to enhance their travel experience, which is propelling the market growth. Apart from this, stores at airports are attractive places for travelers, as they provide exclusive products at discounted prices and even are tax-free in nature.

• Improving Airport Infrastructure:

The improving airport infrastructure across the globe is impelling the growth of market. In line with this, governing agencies and private companies of several countries are investing in creating more appealing and spacious retail environments for passengers, which is strengthening the market growth. These modern retail spaces often feature a curated selection of products and engaging displays that enhance the shopping experience. Furthermore, the growing adoption of products from duty free stores on account of inflating income levels of individuals is impelling the market growth.

• Regulatory Changes and Tax Policies:

Regulatory changes and tax policies play a pivotal role in the duty-free and travel retail market. These changes impact the attractiveness of duty-free shopping destinations and can significantly influence the behavior of individuals. Regions with favorable tax policies can become attractive tourist destinations. Additionally, products sold within these retail spaces have reduced taxes that attract broader individuals across the globe. Apart from this, these stores allow people to purchase goods at lower prices as compared to their home countries, which encourages higher spending at duty-free outlets.

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Duty-Free and Travel Retail Market Report Segmentation:

By Product Type:

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

Beauty and personal care represented the largest segment due to the increasing focus on maintaining outer beauty among individuals.

By Distribution Channel:
• Airports
• Airlines
• Ferries
• Others

Airports accounted for the largest market share as they provide enhanced traveling experience to travelers.

Regional Insights:

• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Asia Pacific enjoys the leading position in the duty-free and travel retail market on account of the rising demand for premium and luxury goods.

Global Duty-Free and Travel Retail Market Trends:

The rising purchase of products from duty-free retailers, as they offer exclusive and limited-edition products that are not readily available in standard retail stores, which attracts a larger consumer base, is propelling the growth of the market.
Innovations in the travel retail sector, such as interactive displays and digital shopping platforms, assist in providing personalized shopping experiences to travelers, which is contributing to the market growth. In line with this, these innovations encourage individuals to spend more on products, which is bolstering the growth of the market.

Leading Companies Operating in the Duty Free and Travel Retail Industry:

• Aer Rianta International
• China Duty Free Group Co. Ltd.
• Dubai Duty Free
• Dufry
• Duty Free Americas Inc.
• Gebr. Heinemann SE & Co. KG
• James Richardson Group
• King Power International
• Lagardère Travel Retail
• Lotte Duty Free
• Sinsegae Duty Free and The Shilla Duty Free

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.