Press release
Shopping Tourism Market to See Huge Growth 2024 - 2031 | Japan Deluxe Tours, Trafalgar Tours
Shopping Tourism Market
The Global Shopping Tourism Market is estimated to be valued at USD 267.21 Bn in 2024 and is expected to reach USD 497.97 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.
Market Dynamics:
Increasing disposal incomes and easy availability of financing options are driving the growth of the shopping tourism market. Rising middle class population and growing desire to spend on leisure travel and shopping are fueling the market growth. Additionally, many destinations are promoting their unique shopping experiences and offers to attract more tourists, which is further propelling the market forward. Social media marketing of favorite shopping destinations by influencers has also played a role in boosting this industry. However, international political uncertainties and currency fluctuations in some nations pose challenges to market players.
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Shopping Tourism Market Drivers:
Increasing disposable incomes across global population
As the global economy continues to grow steadily over the past few decades, disposable incomes of individuals around the world have seen a consistent rise. Developing economies in Asia, Africa and South America have lifted millions out of poverty and lower-middle income groups now have more money to spend on leisure activities like shopping tourism. Higher wages and lower cost of consumer goods have made shopping trips abroad more affordable for many. Countries like China, India and others in Southeast Asia now send out huge numbers of shoppers looking for branded items in other destinations.
Shopping Tourism Market Opportunity:
Growing Chinese outbound travel market
The largest opportunity lies in attracting more visitors from mainland China. As the Chinese economy expands rapidly and income levels rise consistently, its outbound travel market has grown to become the biggest in the world - exceeding 150 million departures in 2016. Chinese tourists are renowned for their heavy shopping when travelling abroad. Cities and regions with branding, marketing and Mandarin translation can capitalise on this lucrative market segment. Duty-free allowances also encourage Chinese shoppers to buy luxury and electronics products overseas. Initiatives like dedicated shopping complexes, tourist apps and guides in Mandarin may help cities worldwide tap this multi-billion dollar market potential.
Shopping Tourism Market Trends:
Experiential and niche shopping experiences
Instead of just transactional shopping, tourists now want experiences. Destinations are promoting concepts like retail therapy, lifestyle shopping and niche themes. Curated shopping tours, workshops and classes in artisanal stores allow visitors to engage in the local culture and learn skills. Pop-up shops and temporary "store-ations" with celebrity designers create unique buzz. Similarly, festivals and events centered on fashion, art, antiques/collectibles or local gourmet foods add novelty. Shoppertainment combining retail, F&B and entertainment is gaining popularity. Cities worldwide are differentiating their offers through experiential concepts to attract the busy millennial traveler looking for Instagrammable moments over mundane outlets.
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Top Companies Featured in This Report:
β Japan Deluxe Tours
β Trafalgar Tours
β EF Educational Tours
β The Shopping Sherpa
β Luxury Escapes
β Costco Travel
β AAA Vacations
β Travel + Leisure
β Context Travel
β Intrepid Travel
β Tauck Tours
β Backroads
β Country Walkers
β G Adventures
β World Expeditions
β AdventureSmith Explorations
β Esquire Travel
β Abercrombie & Kent
Market Segmentation:
By Product Type:
β By Product Type: Fashion & Accessories, Beauty & Cosmetics, Electronics, Food & Beverage, Others
β By End User: Men, Women, Others
β By Purpose of Trip : Leisure, Medical , Business, Education
Key Regions/Countries Classified as Follows:
Β» North America (U.S., Canada, Mexico)
Β» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Β» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
Β» South America (Brazil, Argentina, Rest of SA)
Β» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Shopping Tourism Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Shopping Tourism market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Shopping Tourism market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Shopping Tourism market.
Segment Analysis: Examining the market value and sales volume of Shopping Tourism by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Shopping Tourism market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Shopping Tourism sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
πRequest For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/6968
Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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