LONDON, Sept. 29, 2016 /PRNewswire/ -- The airports are could not rely only on aeronautical business to generate targeted return on investments. With an increase in competition to offer low air fares and strong urge to diversify sources of income with an aim to increase their business, the focus shifted to non-aeronautical revenues which led to the constant growth of this market.
Non-aeronautical business includes duty-free retail shops, restaurant bars cafeterias & catering services, advertisements, and others. The airports have realized the importance of retail business and considering it as a vital contributor to safeguard and sustain their profits. The concept of increasing revenues from retailing has been successfully breaking the traditional ways of income obtained from passenger and cargo traffic.
In North America, the proportion of duty-free airport retailing market accounted for more than 25% of the global duty-free airport retailing market in 2015. This market in North America grew by 16.3% in 2014, when compared to 2013. The U.S was the top performer in this market due to increase in number of flights which results rise in footfall at the airports, followed by Canada.
There was a substantial increase in international passenger at major airports and retailers have observed heavy footfall and increase interest of passengers in duty-free airport retailing. Airports, airline operators, and retailers are working seamlessly to give customers lifetime shopping experience by providing variety of products and offers at one place. Moreover, new airport investments plans have considered increment in retail space as important developments.
North American airports are also focusing on various promotional activities to boost duty-free retail shopping and product visibility. Numerous airports and duty-free operators have been developing innovative marketing campaigns to provide passengers convenient shopping experience.
Major players operating in the North America airport retailing market include Dufry AG, World Duty Free Group (WDFG), Duty Free Americas (DFA), and Gebr. Heinemann among others. The North America airport retailing market is estimated to be $4.15 billion in 2015, and is projected to grow at a CAGR 19.0% from 2015 to 2020.
Scope of the Report
This research report categorizes the North America Airport Retailing Market into the following segments and sub segments:
I. North America Airport Retailing Market Size and Forecast By Category
-Perfumes & Cosmetics
-Fashion & Accessories
-Liquor & Tobacco
-Food & Confectionery
II. North America Airport Retailing Market Size and Forecast By Type
III. North America Airport Retailing Market Size and Forecast by Airport Size
IV. North America Airport Retailing Market Size and Forecast by Geography
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