Global Duty-Free and Travel Retail Market Outlook and Forecasts, 2018-2023 - Increased Demand for Premium Brands and Changing Consumer Behavior
DUBLIN, Jan. 7, 2019 /PRNewswire/ --
The "Duty-Free and Travel Retail Market - Global Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The global duty-free and travel retail market is estimated to generate revenues of around $112 billion by 2023, growing at a CAGR of approximately 8% during 2018-2023.
The global duty-free and travel retail market is driven by the increasing focus on digitalization of travel retail industry. The rise in the outbound tourists, a strong economy, the opening of new routes, and growing middle-class desire for air travel are some of the factors driving the development of the global market. The market research report provides in-depth market analysis and segmental analysis of the global duty-free and travel retail market by product and geography.
Duty-Free and Travel Retail Market - Overview
The growing demand for retail chains that offer luxury and premium brands of various products is augmenting the growth of the global duty-free and travel retail market. These distribution channels provide passengers value, enhance their experience while traveling, generate value addition to economic activity, and creates employment that contributes to overall GDP across the global market.
The rising popularity of the travel and tourism industry is one of the primary factors in the global market. These services enhance the experience and value for money which enables consumers to shop premium and luxury brands at discounted price in the global market.
The idea of temporary spaces that offer end-users extra time after security check-in and allows them to get entertained, excited, and indulgent with the ambiance and experience of shopping for international products. The increasing focus on digitalizing the retailing process so that they could maximize their profit and convert more customers will boost sales in the global market.
Various leading vendors are providing easy home delivery options and innovative customer services that improve their satisfaction levels and contributes to the growing revenues in the global duty-free and travel retail market. The benefit of attractive prices, service, convenience, recognition, and high-end product merchandising are some of the factors that will promote the evolution of the retail industry.
The growing number of international tourist, rising number of middle-class family, and increasing number of low-cost carrier (LCC) airlines will fuel the growth of the global market. The leading brands are opening exclusive stores for special products, promoting, and selling limited editions to increase their visibility and brand awareness in the global market.
Duty-Free and Travel Retail Market - Dynamics
The rising number of middle-class population and rapid urbanization is propelling the growth of the global duty-free and travel retail market. The increase in disposable income, improvement of standard living, and affordability and convenience of air travel are boosting the number of middle-class population traveling and purchasing products from these stores in the global market. The leading vendors are developing consumer-focused businesses especially for this end-user segment to boost their travel retail industry size over the next few years.
In emerging countries such as India and China, middle-class consumers are the largest contributors to the economic development and have the spending capacity to promote the growth of the duty-free industry in the global market. With the surge in middle-class median income, their expenditure trend, traveling mode, and demand for premium brands will also rise, thereby, fueling the travel retail sales. The rapid development and urbanization will augment the development of infrastructure and offer access to better amenities in the global market. The building of new airports and ports will boost the revenues in the global duty-free and travel retail market.
Market Dynamics
Market Growth Enablers
- Booming travel and tourism industry
- Increased demand for premium brands and changing consumer behavior
- Growing seat capacities of airlines and LCCs
Market Growth Restraints
- Growing corruption and grey market
- Crisis and terrorism
- Disease outbreak and natural disasters
- Currency fluctuations
Market Opportunities & Trends
- Growing middle-class population and rapid urbanization
- Growing digitalization in travel retail
- Value-added benefits
Major Vendors in the Duty-Free and Travel Retail Market
- Dufry AG
- - Business Overview
- - Major Product Offerings
- - Key Strategies
- - Key Strengths
- - Key Opportunities
- Gebr. Heinemann
- Lotte
- Lagardre Travel Retail Group
Prominent Players in the Duty-Free and Travel Retail Market
- DFS
- - Business Overview
- - Product Offerings
- Shilla
- China Duty Free Group Co.Ltd.
- King Power International
- Duty Free Americas, Inc.
- AER Rianta International
- Dubai Duty Free
- James Richardson Group
- Qatar Duty Free
- Flemingo International
Market Segmentation by Products
- Fragrance and Cosmetics
- Liquor
- Fashion and Accessories
- Tobacco Goods
- Electronics
- Watches
- Confectionery
For more information about this report visit https://www.researchandmarkets.com/research/f39tqs/global_dutyfree?w=5
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