Travel Retail Market market is expected to grow at a CAGR of 12.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Travel Retail Market size accounted for USD 65.5 Billion in 2023, growing at a CAGR of 12.1% from 2023 to 2033. Travel retail, also known as duty-free shopping, refers to the sale of goods to international travelers. This retail sector typically includes products such as cosmetics, perfumes, alcohol, tobacco, luxury goods, and other items that are popular among travelers. Travel retail is often associated with airports, seaports, border crossings, and other international transportation hubs.

Request/Download PDF Sample: https://report.evolvebi.com/index.php/sample/request?referer=OpenPR&reportCode=021632

The primary driver is the increasing number of international travelers. As more people travel internationally for business or leisure, the demand for duty-free goods at airports and other travel-related locations rises. The growth of the global tourism industry contributes significantly to the travel retail market. Tourists often take advantage of duty-free shopping opportunities to purchase products at lower prices than they would find in their home countries. Travel retail is known for offering a wide range of luxury and premium products. Many travelers are attracted to the opportunity to buy high-end goods at a more favorable price, leading to increased sales of luxury items in this market. Favorable regulations, including tax exemptions and customs allowances for international travelers, create a conducive environment for the travel retail market. Governments often implement these policies to stimulate tourism and enhance the competitiveness of their travel hubs.

Key Players
Some of the major Travel Retail Market players holding high market shares include Lagardere, King Power International, Gebr. Heinemann SE & Co. KG. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Lotte Corporation, Aer Rianta International, China Duty-Free Group Co., Ltd, LVMH Group, Duty-Free Americas, Inc., Dufry AG, The Shilla Duty-Free

For More Information: https://report.evolvebi.com/index.php/sample/request?referer=OpenPR&reportCode=021632.

Segmental Analysis
Based on product type, the Travel Retail market is segmented into Perfume and Cosmetics, Food, confectionery and catering, Wine and spirits, Luxury goods, Tobacco, Electronics, and Others. The Perfume and Cosmetics segment holds the largest share of the Travel Retail market. This segment is driven by the growing popularity of luxury and international brands, as well as the increasing disposable income of travelers. Consumers are increasingly willing to spend more on high-end cosmetics and fragrances, especially when they are available at tax-free prices.

Based on distribution channels, the Travel Retail market is Airports, Cruise Liners, Railway Stations, Border, Downtown, and Hotel Shops. Airports are the largest distribution channel for Travel Retail. This is due to the high volume of passengers passing through airports, as well as the longer dwell times that travelers typically have at airports compared to other distribution channels. Airports also offer a wider range of products and brands than other channels, and they can provide a more personalized shopping experience.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

Address
Evolve Business Intelligence
C-218, 2nd floor, M-Cube
Gujarat 396191
India
Email: sales@evolvebi.com
Website: https://evolvebi.com/

About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.

This release was published on openPR.