Dublin, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The "Global Travel Retail Market: Analysis By Product Type (Fragrances & Cosmetics, Wine & Spirits, Luxury Goods, Tobacco, Food, Confectionary, & Catering, Electronics, and Other), By Sale Channel (Airport, Border, Down-Town & Hotel Shop, Railway Station, and Cruise Liner), By Region" report has been added to ResearchAndMarkets.com's offering.
The global travel retail market in 2021 stood at US$55.12 billion, and is likely to reach US$144.07 billion by 2027. Travel retail is the retail market place mainly in the travel areas like airport, railways, cruise liners, and so on.
Impulse purchases made while waiting for flights/railways at touchpoints, mostly airports, have recently fueled the worldwide travel retail market. Furthermore, the advantages of travel retail include simple accessibility, convenience, a better ambience or atmosphere, and economics, which have drawn customers to these retailers.
Travel retail is the business mainly revolving around travel environments wherein the customers are required to have a proof of travel to access the commercial area, all of, which may be subject to taxes and/or duties, even if the buyer is leaving the country. Some of the shops or brands provide their products as a duty free to attract the buyers. These platforms are frequently used by businesses to launch their premium products. The global travel retail market is projected to grow at a CAGR of 17.37% during the forecast period of 2022-2027.
Market Segmentation Analysis:
- By Product Type: The market report has segmented the global travel retail market into seven segments on the basis of product type: fragrances & cosmetics, wine & spirits, luxury goods, tobacco, food, confectionary, & catering, electronics, and other. The luxury goods segment is the fastest growing segment with a CAGR of around 22% during the forecast period, attributable to rise in disposable income, exposure to social media, urbanization, and preference toward investments in personal luxury goods.
- By Sale Channel: Based on the sale channel, the global travel retail market has been divided into four segments: airport, border, downtown and hotel shop, railway station, and cruise liner.
- By Region: According to this report, the global market can be divided into five major regions: Asia Pacific (South Korea, China, and Rest of the Asia Pacific), Europe (UK, Germany, France, Spain and Rest of Europe), North America (the US, Canada, and Mexico), Middle East & Africa, and Latin America.
Global Travel Retail Market Dynamics:
- Growth Drivers: The bulk of shoppers in travel retail fall into the middle-aged bracket, owing to Millennials and Gen Z's love for travel. For many millennials, travel has become a necessity, while GenZ population have higher expectations for the quality of a product and even less patience. These tendencies can be expected to spill over into their travel preferences as well. Further, the market is expected to grow owing to rapid urbanization, increasing middle class populace, growing number of airports, rising personal luxury goods consumption, increased traveling offers, etc. in recent years.
- Challenges: Most travel retail stores operate in a restrictive space, making it difficult to balance merchandizing and positive experience. Many retailers deal with the problem to sell space and the products needed to be personalized would lower the profit margins of the travel retailers. In the years to come, the need for travel retail is projected to decline due to the lack of availability of space, posing a challenge to the market as a whole. Additionally, other factors like tedious air travel requirements, etc. are other challenges to the market.
- Market Trends: Today's travelers envision receiving responses throughout their whole journey that are speedier and more pertinent to their immediate needs. Robots are made specifically to communicate with people. The robots can read and comprehend human emotions, enabling him to gather insightful data for travel retailers. These advances through robotics are expected to propel the market growth in the forecasted period. More trends in the market are believed to grow the travel retail market during the forecasted period, which may include involvement of artificial intelligence, digitization of travel retail, advancement of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) technology, technological advancements, passenger control tower, personalized pricing and assortment tool, etc.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
Companies Mentioned
- Dufry AG
- Hotel Shilla Co., Ltd (The Shilla Duty Free)
- Lagardere Group
- LVMH Moet Hennessy Louis Vuitton (DFS Group)
- WH Smith PLC
- Shinsegae Inc (Shinsegae Duty Free)
- Lotte Corporation (Lotte Duty Free)
- China International Travel Service Corporation Limited (China Duty Free Group)
- Gebr. Heinemann SE & Co. KG
- Harding Brothers Retail Ltd (Flemingo International Limited)
- Dublin Airport Authority (Aer Rianta International Duty-Free LLC)
- Duty Free Americas, Inc.
- Dubai Duty Free
- The King Power International Group
- Everrich Duty Free Shop
For more information about this report visit https://www.researchandmarkets.com/r/kq10in
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