Press release
Global Travel Retail Market Projected to Surpass $169.65 Billion by 2029 with 0.139169237596731% Annual Growth
Travel Retail Market
The continuous increase in the population of worldwide tourists is anticipated to stimulate the progression of the travel retail market. Mass tourism and package holidays have exposed large segments of individuals to these markets. The provision of booking services across all locations via the internet, thanks to travel retailing, contributes to a more convenient journey for international travelers. This convenience subsequently fuels even greater demand for travel retail as international travel rises. To illustrate, reports from the UN Tourism (a Spain-based United Nations agency) in September 2024 showed that within the first seven months of 2024, about 790 million tourists had embarked on international travels, which is an 11% surge compared to the same duration in 2023. Thus, the swell in the number of international tourists is predicted to boost the growth of the travel retail market.
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What is the projected compound annual growth rate (CAGR) of the travel retail market from 2025 to 2034, and what factors influence it?
The size of the travel retail market has rapidly expanded in the past few years. It is anticipated that the increase will continue, going from $88.76 billion in 2024 to $100.73 billion in 2025, showcasing a compound annual growth rate (CAGR) of 13.5%. The considerable growth during the historic period can be traced back to various factors such as a surge in disposable income, global urbanization developments, the growth of the leisure and tourism sectors, the enlargement of airports and other travel-related hubs, and an increased demand for luxury items.
Expectations are high for the travel retail market size, with forecasts predicting a speedy expansion in the coming years. The market is anticipated to burgeon to $169.64 billion by 2029, paced by a compound annual growth rate (CAGR) of 13.9%. Factors contributing to this growth in the forecast period comprise of expanding globalization, an increasing desire for customized shopping experiences, an escalating reliance on tech to boost customer interactions, growing preferences for sustainable and eco-friendly items, and a rising call for online travel retail. The forecast period also anticipates leading trends like the incorporation of emerging technologies, partnerships between travel retailers and travel service suppliers, the adoption of augmented reality (AR) and virtual reality (VR), the inception of contact-free and effortless payment methods, and the utility of data analytics for personalized marketing and customer interaction.
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How are the latest trends influencing the growth of the travel retail market?
The adoption of new technology is becoming quite popular in the travel retail sector, establishing itself as a significant trend in the market. Retailers in the travel industry utilize technological innovations to understand detailed aspects such as the customers' origin and destination, and to cater to their specific requirements. They implement strategic designs for staff and retail displays to cater to the language and cultural differences of incoming customers, ensuring the right products are easily seen by the right customers. A noteworthy example occurred in July 2024, when The O2 Store, a retail chain based in the UK, inaugurated its first AWS's Just Walk Out enabled store in London. This cutting-edge store features state-of-the-art technology enabling customers to make purchases without a conventional checkout system, adopting contactless payments and AI-facilitated monitoring to ensure a flawless shopping experience. It significantly enhances customer contentment and boosts operational productivity, particularly during high footfall events, by leveraging real-time data analytics.
What are the major segments of the travel retail market and their role in driving growth?
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)
Subsegments:
1) By Perfume And Cosmetics: Fragrances, Skincare Products, Makeup
2) By Wine And Spirit: Wine, Spirits, Champagne And Sparkling Wine
3) By Electronics: Personal Electronics, Travel Accessories
4) By Luxury Goods: Fashion Accessories, Designer Clothing
5) By Food, Confectionery, And Catering: Gourmet Foods, Chocolates And Sweets, Ready-To-Eat Meals
6) By Tobacco: Cigarettes, Cigars, Smokeless Tobacco Products
7) By Other Products: Souvenirs, Health And Wellness Products, Travel Accessories
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Which regions are key players in the growth of the travel retail market?
Asia-Pacific was the largest region in the travel retail market in 2024.The regions covered in the travel retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the travel retail market?
Major companies operating in the travel retail market include 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.
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What Is Covered In The Travel Retail Global Market Report?
•Market Size Forecast: Examine the travel retail market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the travel retail market for a structured understanding.
•Key Players Overview: Analyze major players in the travel retail market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the travel retail market.
•Segment Contributions: Evaluate how different segments drive overall growth in the travel retail market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the travel retail market.
•Industry Challenges: Identify potential risks and obstacles affecting the travel retail market.
•Competitive Landscape: Review strategic developments in the travel retail market, including expansions, agreements, and new product launches.
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