NEW YORK, July 27, 2017 /PRNewswire/ --
Summary
Airport retailing is the largest market in the broader international travel retail market. It includes all retail operations in airports (in departures and arrivals, airside and landside). The market does not include food and beverage revenues from airport bars and restaurants, nor does it include revenues from other services such as foreign exchange bureaux. It also excludes the growing market for leisure services at airports (such as massage therapies and hairdressing), and hotel revenues. As well as analysing the airport travel retail market as a whole, this module explores the dynamics of two specific sub-sectors - airside and landside.
Global airport retail sales recovered in 2016 with growth of 4.0%, having witnessed a 2.8% decline in 2015. The growth is driven by an uplift in global passenger traffic (up by 6.0%), especially from Asia-Pacific countries. The region will continue to contribute significantly to passenger traffic, supported by the expansion of low-cost carriers, visa-on-arrivals, increasing purchasing power, and favorable exchange rates. Chinese tourists buying luxury items away from their home country and increasing spend per passenger at airports are factors behind this uplift.
Global airport retailing is expected to grow at a CAGR of 5.0% to reach US$49 Billion over the next five years. Asia-Pacific will record the fastest growth in airport retail sales in the forecast period, with annual growth between 2016 and 2021 showing an increase of 38%. This growth will be driven by increasing air passenger traffic, expansion of airport infrastructure, higher levels of spend on beauty, especially among Chinese travelers, and greater demand from travelers for luxury purchases.
Despite many challenges, 2016 was a successful year for global tourism. Global outbound tourism grew by approximately 5% due to the rise in Chinese and US outbound tourism; estimation based on the United Nations World Tourism Organization's declaration for nine months data for 2016 where global outbound tourism grew by 4%. Europe is the most preferred destination for foreign travelers, followed by Asia-Pacific. The rise in global tourism is crucial as travel retail sales were declining due to terror threats and less spending in 2015. Increasing traffic at airports and expanding retail services are expected to result in higher sales.
Chinese shoppers are among the largest spenders on luxury items and that high import taxes make buying them abroad more desirable, many governments are making policy changes to attract these customers into the country. Many countries have relaxed their visa terms to attract more travelers This includes the UK Government, which announced that an invitation letter or letter of employment can be used to support a visa application. The US Government has also extended the validity of its visa to 10 years, while the French have introduced a 48-hour fast-track visa application process.
After the successful acquisition of Nuance and World Duty Free, an ever expanding network of duty free stores with 2,200 shops across 64 countries, Dufry has become the undisputed market leader with more than 20% market share in travel retail. With these acquisitions, it has greatly expanded its footprint in Europe, Asia, and the Middle East. Apart from this, the retailer is bringing local brands to airports, offering local specialties to attract travelers.
The report "Global Airport Retailing 2016-2021" provides the details about international travel retail market. It includes airport travel retail sales at air side as well as landside, number of travelers year by year & region by region and spending of travelers at airports & the growth. Also, it covers the top 10 players in the airport retail industry, their growth pattern, strategies and future plans.
Specifically, this report covers -
- Provides historic and forecast market data of airport retail sales of different product segments globally and by region.
- Provides an overview of changing passenger traffic trends, market size by category (region wise and global), the influence of socio political unrest on the airport retailing and technology trends.
- Detailed analysis of the initiatives taken by various countries to entice travelers and overview of top ten airport retailers is also included in the report, covering their trading record data, store locations, recent key events, and future outlook and market shares across four regions.
Companies mentioned in this report: Aer Rianta International, DFS, Dubai Duty Free, Dufry, Duty Free Americas, Gebr. Heinemann, King Power International, Lotte Duty Free, Lagardère Travel Retail, The Shilla Duty Free.
Scope
- Global airport retailing is expected to recover to grow at a CAGR of 5.0% during 2016-2021
- Asia-Pacific was the largest and fastest-growing market during 2012-2016
- Americas grew swiftly compared to other regions in 2016 on the back of airport expansion
- Despite geo-political factors, Europe grew by 5.2% in 2016, driven by increased footfall
- Relaxation of visas rules for Asian passengers will increase airport sales
- Political and social unrest affected the historic passenger traffic in European countries such as France, Belgium, Germany, Turkey and Greece
- Dufry is the undisputed market leader of global travel retail
- Beauty and cosmetics products drive sales in the duty free industry
- Easy payment methods for Chinese travelers are becoming popular.
Reasons to buy
- Identify, which regions and sectors are set to outperform the market over the next five years? What factors are behind this performance?
- How will online and multichannel retail influence the airport retail market?
- Which companies are set to gain share in 2016 and who is set to fall back?
- Gain comprehensive knowledge on global airport retail market and develop a competitive advantage around consumer behavior trends from the start of your supply chain
- Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the vital economic and passenger footfall trends, and key consumer and technology trends influencing the airport retail market.
Read the full report: http://www.reportlinker.com/p04948907/Global-Airport-Retailing-GlobalData.html
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
http://www.reportlinker.com
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article