Press release
Travel Retail Market Innovations Unleashed: Market Dynamics in 2024
Travel Retail Market Trends
As per the report, the travel retail market size has grown rapidly in recent years. It will grow from $79.24 billion in 2023 to $90.41 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The travel retail market size is expected to see rapid growth in the next few years. It will grow to $150.38 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
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Increasing International Travelers Drive Growth In The Travel Retail Market
The growing number of international travellers is expected to propel the growth of the travel retail market going forward. Mass tourism and package holidays have opened markets to large numbers of individuals. Travel retail helps the international travellers to book their tickets at any place by using internet and it helps in making their journey easier, as a result increase in international travels will increase the demand for travel retail. For instance, according to TSA (Transportation Security Administration, USA), In July 2021, there are 6.5 million more daily travelers than in June 2021. Therefore, the increase in international travelers is expected to drive the growth of the travel retail market.
Technological Advancements Revolutionize The Travel Retail Market
Technological Advancement is a key trend gaining popularity in the travel retail market. Technological advancement is a discovery of knowledge that advances technology. Travel retailers are using data insights such as advanced knowledge about the arrival and destination of the customer, and to cater to specific needs. Staff and retail displays are designed to accommodate incoming passenger language and cultural sensitivity so that the right products are plainly visible to the right customers. For instance, In December 2021, Hudson Group, a US-based retail company announced the launch of a Just Walk Out Technology enabled Amazone One. It is a palm recognition service that allows shoppers to pay using their unique palm print. Hudson is the first travel retailer to offer this service.
The travel retail market covered in this report is segmented -
1) By Product Type: Perfume and Cosmetics, Wine and Spirit, Electronics, Luxury Goods, Food, Confectionery, and Catering, Tobacco, Other Products
2) By Channel: Airports, Cruise Lines, Border, Down Town and Hotel Shops, Railway Stations, Other Channels
3) By End Users: Children (less than 18 years old), Youth (18-30 years old), Middle-aged (18-59 years old), The Elder (greater than 60 years old)
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Major companies operating in the travel retail market report are Aer Rianta International, China Duty Free Group Co Ltd., Dufry AG, Duty Free Americas Inc., Gebr Heinemann SE & Co KG, King Power International Group, Lotte Hotel & Resorts, Lagardère SCA, The Shilla Duty Free, DFS Group, Flemingo International, The Naunace Group, Dubai Duty Free, James Richardson Group, Lotte Duty Free, Qatar Duty Free, Heinemann, LS Travel Retail, Incheon International Airport Corporation, Singapore Changi Airport Terminal Services, Kappé Schiphol, China Duty Free Group, James Richardson Corporation, RegStaer Group, ARI (Aer Rianta International), Baltona Duty Free, World Duty Free Group, Nuance Group AG, SSP Group Limited, Wenzhou Department Store Group Co Ltd., King Power (Cambodia) Co Ltd.
Contents of the report:
1. Executive Summary
2. Travel Retail Market Report Structure
3. Travel Retail Market Trends And Strategies
4. Travel Retail Market - Macro Economic Scenario
5. Travel Retail Market Size And Growth
…..
27. Travel Retail Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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