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Global Travel Retail, Market Insights, Trends, Forecast 2024
Travel Retail, Market Growth, Global Insights, Opportunities
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased disposable income, rise in global urbanization, growing leisure and tourism industry, expansion of airports and other travel hubs, growing demand for luxury goods.
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%. The growth in the forecast period can be attributed to increasing globalization, growing demand for personalized shopping experiences, increasing use of technology to enhance customer experience, growing demand for sustainable and eco-friendly products, increasing demand for online travel retail. Major trends in the forecast period include integration of advanced technology, collaboration between travel retailers and travel service providers, integration of augmented reality (ar) and virtual reality (vr), introduction of contactless and frictionless payment methods, data analytics for personalized marketing and customer engagement.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Travel Retail Market 2024 Key Insights:
• 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%.
• Increasing International Travelers Drive Growth In The Travel Retail Market
• Technological Advancements Revolutionize The Travel Retail Market
• Asia-Pacific was the largest region in the travel retail market in 2023
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