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Global Airport Retailing Market Analysis Report 2024
Airport Retailing Market Analysis
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According to The Business Research Company's, The airport retailing market size has grown rapidly in recent years. It will grow from $26.29 billion in 2023 to $29.28 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to increase in the number of passengers, increasing disposable income, growth of travel retail brands, growth of low-cost carriers, and rising urbanization.
The airport retailing market size is expected to see rapid growth in the next few years. It will grow to $45.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to changing consumer preferences, expansion and enhancement of airport facilities, luxury and premium goods demand, increasing duty-free shopping benefits, and an increase in tourism. Major trends in the forecast period technological advancements, collaboration with airlines and loyalty programs, advanced analytics, innovative retail concepts, and innovative omnichannel initiatives.
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Market Drivers and Trends:
The growing air passenger traffic is expected to propel the growth of airport retailing going forward. Air passenger traffic refers to the movement and volume of passengers traveling by air over a specified period. The growing air passenger traffic is due to tourism development, improved air connectivity, and social and infrastructural factors. Airport retailing significantly enhances air passenger traffic by improving the overall travel experience, generating additional revenue, and making airports more attractive to passengers and airlines. For instance, in March 2023, according to the Bureau of Transport and Statistics (BTS), a US-based independent statistical agency, in 2022, U.S. airlines experienced a 30% year-over-year increase in passenger numbers, carrying 194 million more passengers than in 2021. Further, from January to December, U.S. airlines' total passengers reached 853 million, compared to 658 million in 2021 and 388 million in 2020. Therefore, the growing passenger traffic is driving the growth of the airport retailing market.
Major companies operating in the airport retailing market are focused on developing innovative travel retail concepts to enhance passenger experience and capture a larger share of the growing global travel retail market. The new travel retail concept encompasses innovative approaches to improve the shopping and dining experiences for travelers at airports, train stations, and other travel hubs, which focuses on integrating technology, personalization, convenience, and a seamless blend of physical and digital retail environments to meet the evolving needs and preferences of modern travelers. For instance, in November 2023, Chalhoub Group, a United Arab Emirates (UAE)- based company, launched The Visitor, a new travel retail concept. This innovative concept is designed to enhance the travel experience and meet the expectations of the rapidly growing younger globetrotters. The concept store is designed to provide travelers with an immersive and engaging shopping experience.
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Major Key Players of the Market:
Dufry AG, Lagardère Travel Retail Group, Gebr. Heinemann SE & Co. KG, SSP Group PLC, HMSHost Corporation, Duty Free Americas Inc., Dubai Duty-Free, Nuance Group, Japan Airport Terminal Co. Ltd., Paradies Lagardère, WH Smith PLC, DFS Group Limited, Lotte Duty Free, Hudson Group, InMotion Entertainment Group LLC, Flemingo International, Airport Retail Group LLC, Aer Rianta International (ARI), King Power International, The Shilla Duty Free, Autogrill S.p.A., Aelia Duty Free
Airport Retailing Market 2024 Key Insights:
• The airport retailing market size is expected to see rapid growth in the next few years. It will grow to $45.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• The Impact of Increasing Passenger Traffic On The Growth Of Airport Retailing
• Chalhoub Innovative Travel Retail Concept The Visitor At King Abdulaziz International Airport
• Asia-Pacific was the largest region in the airport retailing market in 2023
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