Global Duty-free Travel Retail Market: Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2019 – 2028
“Global Duty-free Travel Retail Market 2019 – Analysis, Market Size and Shares, Trends, Growth, and Forecast to 2028” is one of the latest reports created by MarketResearch.biz research analysts. The target market is expected to worth US$ X.X Mn in 2019 and has been projected to reach a value of US$ XX Mn by end of 2028. The global duty-free travel retail market report has been categorized on the basis of product type, retail channel, and region/ country.
Overview of Duty-free Travel Retail Concept
Duty-free travel retail is a concept which includes selling of various types of goods to international travelers. These goods are sold without applying any kind of taxes or excise duties, specifically only for those travelers who will purchase and take the goods out of the country.
Duty-free Travel Retail Market Dynamics
Rapidly growing travel & tourism sector across the globe and increasing demand for various premium goods that are excluded from excise duties or other related taxes are among the key factors that are projected to drive growth of the global duty-free travel retail market. In addition, changing lifestyles of the population in various countries, willingness to purchase designer and premium apparel and accessories, coupled with higher spending capacity are some additional key factors expected to support revenue growth of the target market. These premium products are available at lower cost as compared to their actual price in exclusive stores as they are duty-free, which is another factor anticipated to augment demand for these products and drive growth of the target market in the years to come.
However, stringent regulations by government and authorities in-charge in certain countries regarding the development and selling of these exclusive products is a factor that could hamper the target market growth. In addition, lack of focus of travelers on shopping during the tour, and lack of awareness among large number of travelers are other factors that could challenge growth of the global market to a certain extent.
By Product Type:
Among the product type segments, the perfume and cosmetics segment is expected to register significant growth rate over the next 10 years. This can be attributable to increasing demand and inclination towards perfumes and enhanced beauty products, especially among women populace.
By Retail Channel:
Among the retail channel segments, the airport segment is estimated to account for significant revenue share in the global duty-free travel retail market, owing to growing number of international travelers across the globe.
Global Duty-free Travel Retail Market: Regional Analysis
The Europe duty-free travel retail market is expected to contribute significant revenue share in the global market, owing to presence of strong base of luxury goods manufacturers in countries in the region. In addition, existence of major and well-known brands, coupled with high demand for branded apparel and accessories across various countries are other factors expected to support revenue growth of the market in the region. The North America market is anticipated to account for considerable revenue share in the target market, owing to increasing demand for high-quality designer outfits at lower costs by populace influenced by the fashion and entertainment industry located in the region.
The duty-free travel retail market in Asia Pacific is projected to register significant growth rate over the 10-year forecast period in the target market. This is owing to rapidly growing travel and tourism industry in countries such as India and China. In addition, improving standards of living of the people, coupled with increasing income levels are some other factors projected to augment adoption of duty-free products and support the market growth in Asia Pacific. In addition, the markets in Middle East & Africa and Latin America are projected to grow at a moderate growth rate over the 10-year period. Increasing traveling activities of the population from the Middle East, China, and Russia is significantly contributing to overall growth of the respective regional markets.
Global Duty-free Travel Retail Market Segmentation:
Segmentation by Product Type:
- Perfume & Cosmetics
- Wine & Spirit
- Luxury Goods
- Food, Confectionery, & Catering
- Apparels and Accessories
Segmentation by Retail Channel:
- Cruise Lines
- Border, Down Town & Hotel Shops
- Railway Stations
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- DFS Group
- LS travel retail
- Lotte Duty Free
- King Power International Group
- The Shilla Duty Free
- China Duty Free Group (CDFG)
- Aer Rianta International (ARI)
- The Naunace Group
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