“Global Duty-Free Travel Retail Market, by Type (Beauty & Personal Care, Wines & Spirits, Fashion & Accessories, Tobacco Goods, Confectionery & Fine Food, Other Types), By Distribution Channel (Airports, Airlines, Cruise Lines, Railway Stations, Border, Other Distribution Channels), as well as by Region – Global Forecast 2020 to 2030.”, which offers a comprehensive view of the global duty-free travel retail market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2026) cumulative revenue of this market is projected to be over USD $148,975.1 Mn, and is estimated to increase significantly over the latter part of the forecast period.
Duty-free retail refers to the sale of varying types of goods and services that are offered specifically to international travelers. These goods are exempt from any type of tax or excise duty, and travelers are made available to them prior to their respective departures from a given country.
Increasing investments being made by key industry players towards the improved of their respective marketing campaigns, increased catalogues, and as a platform to launch various premium or luxury products at these coveted locations that attract millions of travelers each year, is a major factor that is anticipated to augment more opportunities to increase projected revenues over the next decade. Moreover, the numerous perks associated with purchasing duty-free products, with many of these product being high-end goods ranging from perfumes, electronics, cosmetics, apparel, food & beverages, etc., is also a factor that is expected to compliment the market growth of the global duty-free travel retail industry in the years to come. Although, the recent COVID-19 outbreak has brought this and many other industries across the world to a halt, various enforced lockdowns and restrictions levied by respective governing authorities are gradually eased, there has been a steady increase in the number of individuals travelling for business or pleasure purposes. This is slated to soften the blow dealt by this pandemic, returning the global duty-free travel retail industry to some form of normalcy. Furthermore, the steady increase in the disposable incomes of individuals across the world is another factor that is anticipated to re-invigorate this global sector. These aforementioned factors are some of the most crucial factors that are anticipated to play a critical role in catapulting the projected revenue of the global duty-free travel retail market to USD $223,110.0 Mn by 2029, at a CAGR of 10.9%.
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