Market Insight : Duty-free Retailing Market Globally Grow at a CAGR of 9% by 2019

Albany, NY, 16th FEB : Technavios research analyst predicts the global duty-free retailing market to grow steadily at a CAGR of around 9% during the forecast period. The increase in international travelers is the primary driver for the growth of this market. The number of foreign travelers during 2014 was around 1 billion, with Europe emerging as the most popular destination.

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However, the restrictions on the baggage weight is expected to deter the growth of this market during the forecast period. For instance, in the economy class of Lufthansa, passengers are only allowed one hand baggage of up to 8 kilos. This restriction creates a loss of opportunity for products like alcohol that is heavier than any other product group.

Product segmentation and analysis of the duty-free retailing market
Fashion, accessories and hard luxury
Perfumes and cosmetics
Wines and spirits
Tobacco
Confectionary and fine food
The fashion, accessories, and hard luxury segment dominated the duty-free retailing market during 2014 with a market share of around 32%. This segment is anticipated to retain its market dominance until the end of 2019, growing at a rate of 11%. Precious jewelry, briefcases, handbags, and shoes are the key driving products in this category. Some of the popular brands in this segment are Michael Kors, Armani, Fossil, Gucci, and Burberry.

Segmentation by distribution channel and analysis of the duty-free retailing market
Airports
Ports and railway stations
Airlines and ferries
Airports contributed 59% of the global market revenue during 2014 and is expected to retain its market leadership until the end of 2019. For instance, during 2014, Shanghai Pudong International Airport increased its Sunrise Duty-Free retail space by nearly 50% to increase the sales turnover.

Geographical segmentation and analysis of the duty-free retailing market
Americas
APAC
Europe
MEA
APAC accounted for 38% of the market share during 2014 and is expected to grow at a CAGR of 11% during the forecast period. South Korea, China, Hong Kong, Singapore and Thailand are the key countries that are driving the sales in this market. South Korea and China contribute around 20% of the global revenue from duty-free retailing.

Competitive landscape and key vendors

The global duty-free retailing market is dominated by more than 20 big retailers. Key players like DFS and Lotte are tapping the opportunities provided in growing regions such as South Korea and China.

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The leading vendors in the market are -
DFS
Dufry
Lotte
Lagardre
The Nuance Group
Other prominent vendors in the market include Aer Rianta International, China Duty-free Group, Dubai Duty-free, Duty-free Americas, Gebr. Heinemann, James Richardson, King Power International, and The Shilla Duty-free.

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This release was published on openPR.