Press release
Duty-Free & Travel Retail Market 2024: Global Trends and Growth Opportunities
Duty-Free & Travel Retail Market 2024
According to The Business Research Company's, The duty free and travel retail market size has grown rapidly in recent years. It will grow from $42.02 billion in 2023 to $48.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to growing global travel, increasing disposable income, the expansion of duty-free stores, rising tourism, regulatory changes in duty-free allowances, and increasing promotional offers and discounts.The duty free and travel retail market size is expected to see rapid growth in the next few years. It will grow to $83.50 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to a growing middle-class population, enhanced airport infrastructure, an increasing shift toward experiential shopping, rising international travel and tourism, changing consumer preferences, regulatory changes, and trade agreements. Major trends in the forecast period include digital integration, omnichannel retailing, personalization and customization, the popularity of eco-friendly products, a focus on health and wellness products, and the emergence of luxury and premium offerings.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/duty-free-and-travel-retail-global-market-report
Market Drivers and Trends:
The growing international travel is expected to propel the growth of the duty-free and travel retail markets going forward. International travel is journeying between countries for purposes such as tourism, business, or other personal reasons. The surge in international travel is fueled by globalization, affordable airfares, business expansion, digital nomadism, and the allure of cultural exploration facilitated by improved transportation and technology. Duty-free and travel retail services allow travelers to purchase goods such as alcohol, tobacco, and luxury items at lower prices, often tax-free, enhancing the travel experience. For instance, in January 2024, according to the United Nations World Tourism Organization (UNWTO), a Spain-based international organization in the field of tourism, international air capacity, and passenger demand recovered to 90% of pre-pandemic levels through 2023, while global occupancy rates in accommodation establishments reached 65% in November 2023, up from 62% in November 2022. Therefore, the growing international travel market will drive the growth of duty-free and travel retail markets.
Major companies operating in the duty-free and travel retail markets are adopting a strategic partnership approach to enhance their integration of augmented reality and virtual reality and their market reach. A strategic partnership typically refers to a collaborative relationship between two or more organizations combining their resources, expertise, and efforts to achieve common goals or objectives. For instance, in May 2023, Coty Inc., a US-based beauty company, collaborated with Shilla Duty-Free, a South Korean-based travel retail company, to create new ways of engaging with travelers for the duty-free and travel retail markets. The partnership aims to enhance the customer shopping experience by integrating advanced digital technologies, such as augmented reality (AR) and virtual reality (VR) simulations, into their retail operations to create a more engaging and personalized environment for shoppers, thereby increasing sales and fostering customer loyalty. The partnership seeks to offer a seamless and interactive shopping experience that aligns with the evolving preferences of travelers and duty-free consumers, positioning both companies as leaders in digital transformation within the travel retail sector.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=18340&type=smp
Major Key Players of the Market:
China Duty Free Group Co Ltd, Avolta AG, Lagardère Travel Retail, Dufry AG, Lotte Duty Free, Gebr Heinemann SE & Co. KG, DFS Group, Duty Free Americas Inc, Ever Rich Duty Free, Dubai Duty Free, James Richardson Group, WH Smith PLC, Shinsegae Duty Free, Aer Rianta International cpt , King Power International Group, Starboard Cruise Services, Qatar Duty Free, Tallink Duty Free AS, Gulf Air Duty Free, 3Sixty Duty Free & More, Flemingo International Ltd, Lotte Duty Free, The Shilla Duty Free, Sky Connection Ltd, Blue Water Bridge Duty Free Inc
Duty Free And Travel Retail Market 2024 Key Insights:
• The duty free and travel retail market size is expected to see rapid growth in the next few years. It will grow to $83.50 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%.
• Rising International Travel To Drive Growth In Duty-Free And Travel Retail Markets
• Partnership Promises Enhanced Shopping Experience Via Digital Technology
• Asia-Pacific was the largest region in the duty free and travel retail market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/customise?id=18340&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ "
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Duty-Free & Travel Retail Market 2024: Global Trends and Growth Opportunities here
News-ID: 3666739 • Views: …
More Releases from The Business research company
Evolving Market Trends In The Integrated Geophysical Services Industry: Enhancin …
The Integrated Geophysical Services Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Expected Integrated Geophysical Services Market Size During the Forecast Period?
The integrated geophysical services market has experienced consistent growth in recent years, expected to rise from $2.35 billion in 2024 to…
Global HR Advisory Services Market: Key Trends, Market Share, Growth Drivers, An …
The HR advisory services market report describes and explains the HR advisory services market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global HR advisory services market reached a value of nearly $155.74 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.22% since…
High Voltage Aluminium Electrolytic Capacitors Global Market Report 2025: Size, …
The high voltage aluminum electrolytic capacitors report describes and explains the high voltage aluminum electrolytic capacitors market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global high voltage aluminum electrolytic capacitors market reached a value of nearly $4.10301 billion in 2024, having grown at a compound annual growth…
Global Vertical Market Software Market: Key Trends, Market Share, Growth Drivers …
The vertical market software report describes and explains the vertical market software market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global vertical market software market reached a value of nearly $152.61027 billion in 2024, having grown at a compound annual growth rate (CAGR) of 12.11% since 2019.…
More Releases for Duty
Travel Retail Market Hits New High | Major Giants China Duty Free Group, Shilla …
HTF MI just released the Global Travel Retail Market Study, a comprehensive analysis of the market that spans more than 143+ pages and describes the product and industry scope as well as the market prognosis and status for 2025-2032. The marketization process is being accelerated by the market study's segmentation by important regions. The market is currently expanding its reach.
Major Giants in Travel Retail Market are:
LVMH, DFS Group, Dufry, Lagardère…
Duty-free Retailing Market Forecast: Segments, Drivers, and Growth Factors to 20 …
DataM Intelligence has released a new research report on the Duty-free Retailing market. The report provides a detailed analysis of current and emerging trends, offering insights into the market dynamics. It utilizes Porter's Five Forces model to assess key factors such as supplier and customer relationships, risks from various agents, competitive intensity, and opportunities for new entrants. The study also includes research data from various companies, analyzing factors like benefits,…
Duty Free & Travel Retail Market Next Big Thing | Lotte Duty-Free, Duty-Free Ame …
Advance Market Analytics published a new research publication on "Duty Free & Travel Retail Market Insights, to 2030" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Duty Free & Travel Retail market was mainly driven by the increasing R&D spending across the world.
Get…
Duty-Free Retailing Market is Expected to Generate $94.2 Billion by 2031 | Dufry …
According to a new report published by Allied Market Research, titled, "Duty-Free Retailing Market by Product Type (Perfume & Cosmetics, Electronics, Wine & Spirits, Food, Confectionery & Catering, Tobacco, Luxury Goods, Others), by Sales Channel (Airports, Cruise Liners, Railway Stations, Border, Down-Town & Hotel Shop): Global Opportunity Analysis and Industry Forecast, 2021-2031". The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market…
Duty Free & Travel Retail Market 2022 | Size, Growth, Demand, Opportunities & Fo …
Duty Free & Travel Retail Market Report research report is a wide-ranging analysis and Impact of COVID19 in the global market and the in-detail information with segmentation has been added in this intelligence report. In this report a comprehensive analysis of current global Global Duty Free & Travel Retail Market market in terms of demand and supply environment is provided, as well as price trend currently and in the next…
Global Duty-Free Retailing Market 2020 Top Key Players: Lagardère Travel Retai …
Summary
A New Market Study, titled “Duty-Free Retailing Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
This report provides in depth study of “Duty-Free Retailing Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Duty-Free Retailing Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the…
