Hyderabad, IndiaAnd the May 31, 2022 /PRNewswire/- Market Overview
According to a report published by ReAnIn, the global airport retail market has been evaluated 30.2 billion US dollars In 2021 it is expected to reach 82.3 billion US dollars by 2028, registering a compound annual growth rate of 15.4% over the forecast period. The majority of retail channels operating in airports are duty-free and therefore can sell products at a much lower price. The increasing number of international travelers, the availability of luxury goods at significantly lower cost at airports, and the increasing focus on digitization are all driving the global airport retail market. For example, in October 2020Dufry AG, the leading duty-free retail channel, has entered into a collaboration with the Alibaba Group to jointly develop travel retail business in China and promoting the digital transformation of Dufry. Travel restrictions caused by the coronavirus have been the most significant hindrance to airport retail growth in the recent past.
Free Sample Download: Global Airport Retail Market Growth, Share, Size, Trends and Forecast (2022 – 2028)
Duty-free and retail travel: digitization has become a necessity in the post-COVID era
According to a study conducted in May 2020 Of the 1,500 international travelers (who have traveled within the past 12 months), 69% have purchased items that stand out on the shelf/display/counter and 91% have touched/looked/read product information before making a purchase decision. However, the same study reveals that 60% of customers will avoid contact with retail staff, and more than 50% will not buy from airport stores at all in the post-pandemic world. Furthermore, about 90% of customers expect more digital transformation in the travel retail industry.
This need to increase digitization is also accepted by industry leaders. Speaking for the Global Industry Survey 2021, Dufry Group CEO Julián Díaz said – “The trend towards increased digitization and the need to interact aggressively with customers through a multi-channel approach will increase. This means that travel retail operators will also have to go through a phase of digital transformation. “.
Main points of the report:
- The COVID-19 pandemic has forced governments around the world to implement some form of travel restrictions and air travel has been hardest hit. This COVID-induced restriction on air travel has significantly reduced the airport retail market. However, with more people getting vaccinated and air traffic reaching its pre-pandemic level, the airport retail market is also recovering.
- The beauty and personal care segment captured the majority of the share (about 50%) in the global airport retail market and is expected to maintain its dominance throughout the forecast period.
- Currently, large sized airports own the majority of these retail channels, and therefore account for the highest market share. However, the number of medium-sized airports has increased significantly in recent years, especially in developing economies such as India And the ChinaIt is expected to witness the highest compound annual growth rate during the forecast period.
- between regions, Asia Pacific occupies the highest market share, followed by Europe And the North Amarica. The increasing disposable income among the people in the region, and the growing number of airports are two major factors driving the market in the UAE Asia Pacific. The emergence of several online travel agencies has also contributed positively to this growth in the airport retail market.
Access the description of the report at: Global Airport Retailing Market
ReAnIn segmented the global airport retail market by:
- Product category
- Food and drinks
- fashion accessories
- Beauty and personal care
- other products
- airport size
- small airport
- average airport
- big airport
- distribution channel
- direct retailers
- specialist retailers
- Administrative Stores
- North Amarica
- Latin america
- Asia Pacific
- The Middle East & Africa
The major players operating in the global airport retail market are Dufry AG, Lotte Free Zone, Lagardere Travel Retail Group, DFS Group, Duty Free Americas, Gebr. Heinemann SE & Co. KG, King Power International Group, Dubai Duty Free, WHSmith, China Duty Free Group, and Shilla Duty Free.
Learn more about this report: Global Airport Retail Market
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Noun: Deepak Kumar
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SOURCE Reanin Research & Consulting Private Limited