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2021
Travel Retail Market

Travel Retail Market

by Product Type (Perfume & Cosmetics, Electronics, Wine & Spirits, Food, Confectionery & Catering, Tobacco, Luxury Goods, and Others), and Sales Channel (Airports, Cruise liners, Railway Stations, Border, Down-Town & Hotel Shop): Global Opportunity Analysis and Industry Forecast 2021-2028
Update Available On-Demand

Report Code: A01281
Pages: 237
Sep 2021 | 43657 Views
Author(s) : Himanshu V , Roshan D
Tables: 94
Charts: 57
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COVID-19

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The global travel retail market size is expected to reach $145.0 billion by 2028, registering a CAGR of 14.9% during the forecast period. Substantial development of the travel & tourism sector, including medical tourism, fosters the demand for travel retail services.

Increase in travel & tourism has augmented the travel retail market demand for apparels, cosmetics, food items, and electronic retail in the travel retail market. Moreover, increase in urbanization and changes in lifestyle are key factors expected to propel the travel retail market growth during the forecast period. In addition, rise in disposable income among the middle-income groups and improvement in economic conditions majorly drive the growth of the market. Also, factors such as technological advancements further boost the market growth. However, unorganized local markets and strict government regulations pertaining to airport retailing will impede the growth of the upcoming travel retail market opportunities. Moreover, increase in the number of millennial population is expected to drive the growth of the market.

Travel Retail Market

The travel retail market is segmented on the basis of product, channel, and region. By product, the market is divided into perfumes & cosmetics, wine & spirits, tobacco, electronics, luxury goods, food & confectionery, and catering & others. The luxury goods segment possesses high growth potential in the emerging markets, and is anticipated to witness steady growth in the developed regions, owing to early adoption of premium lifestyle. Rise in disposable income, exposure to social media, urbanization, and preference toward investments on personal luxury goods are some of the factors that further drive the market growth. By channel, the market is classified into airports; cruise liners; railway stations; and border, downtown, & hotel shops. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Travel Retail Market
By Product Type

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Luxury goods segment would exhibit the highest CAGR of 19.4% during 2021-2028.

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The travel retail market in Asia-Pacific is majorly driven by the tourism industry, as many foreign investors visit countries such as Hong Kong and Malaysia for tax-free shopping. Various market players are keen to expand their market presence by establishing themselves in the Asian markets. For instance, in 2015, Mitsui Outlet Park KLIA, a premium outlet mall was inaugurated in Kuala Lumpur, near the international airport. Bally, Guess, and Boss by Hugo Boss are some of the luxury brand stores in Mitsui Outlet Park KLIA. In addition, Dior Homme, Jimmy Choo, Tiffany & Co, Roger Vivier, MCM, Roos, and Alexander Wang have established their retail stores in Thailand. Moreover, China is one of the largest importers of cosmetics and apparel. This fuels the growth of the market in the Asia-Pacific region.

There is an increase in the standards of living of the people, owing to higher disposable incomes, improvement in lifestyle, and increase in corporate culture. Rise in proliferation of corporate entities in the developing nations has popularized the “carrying expensive & luxurious products” culture among consumers. This culture of owning a luxurious product has become a status symbol among consumers. Thus, the luxury goods segment in the travel retail industry is expected to grow at the fastest rate by 2025.

Travel Retail Market
By Sales Channel

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Airport segment would exhibit the highest CAGR of 16.4% during 2021-2028.

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Railway stations have witnessed a considerable growth over the years. For instance, the London's King's Cross station established an airy-bar restaurant with wooden floors and vintage leather sofas, with an aim to provide comfort to travelers. The station also has various branded stores with different product categories such as clothing and accessories for both men and women, sportswear, music stores with products including audio equipment, CD & vinyl, accessories, and others. These factors boost the growth of the travel retail market at railway stations.  

The report offers a comprehensive analysis of the key players such as DFS Group, Dufry, LS travel retail, Lotte Duty Free, King Power International Group, The Shilla Duty Free, Gebr, Heinemann, China Duty Free Group (CDFG), Aer Rianta International (ARI), and The Naunace Group.

Travel Retail Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia Pacific region would exhibit the highest CAGR of 17.2% during 2021-2028.

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Covid-19 Impact Analysis

  • Market was negatively impacted by the pandemic owing to country wide lockdowns and closing down of schools
  • The COVID-19 pandemic had disrupted the sales of travel retail via brick and mortar stores resulting in transition of consumers towards online sales channels to purchase the products.
  • However, with changing consumer behavior demand for innovative, ergonomic and premium quality products is likely to increase.

Key Benefits for Travel Retail Market:

  • This report provides an in-depth global travel retail market analysis to identify the potential investment pockets.
  • It outlines the current travel retail market trends and future scenarios to determine the overall market potential and gain a stronger market foothold.
  • It discusses the key drivers, restraints, and opportunities and their detailed impact analysis.
  • Quantitative analysis of the travel retail market share from 2020 to 2028 is highlighted to recognize the financial competency of the market.
  • Porter’s Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.

Travel Retail Market Report Highlights

Aspects Details
By Product Type
  • Perfume & Cosmetics
  • Food, confectionery & catering
  • Wine & spirits
  • Luxury goods
  • Tobacco
  • Electronics
  • Others
By Channel
  • Airports
  • Cruise Liners
  • Railway Stations
  • Border, Downtown & Hotel Shops
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Italy, France, Germany, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Aer rianta international, China duty free group co., ltd., Dufry ag, Duty free americas, inc, Gebr. Heinemann se & co.kg, King power international, Lotte hotel, Lagardère sca (lagardère travel retail), Lvmh group (dfs group limited), The shilla duty free
 

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The global travel retail market has witnessed steady growth in the recent years. Asia-Pacific and Europe are some of the largest travel markets in the world. The adoption of branded & premium clothing, exotic fragrances, and organic skincare products witnessed significant growth, owing to increase in population and economic stability. Thus, most of the retail companies have expanded their outlets in India, China, and other Asia-Pacific countries to strengthen their foothold.

The travel retail industry is segmented on the basis of channel into airports; cruise liners; railway stations; and border, downtown, & hotel shops. The airport retailing segment is one of the largest retailing sectors in the global travel retail market. The airport segment generated the maximum revenue in 2017, and is expected to grow at a considerable growth rate during the forecast period, owing to rise in air traffic, development of airport infrastructure, and surge in demand for luxurious products among customers. However, the use of border, downtown, & hotel shops is one of the most efficient ways of creating brand awareness among consumers as well as increasing general sales, as it allows customers to view and purchase products without any hassle and inconvenience. Therefore, brands such as Prada, Gucci, H&M, and others are increasingly launching their hotel shops to make it easier for customers to view and purchase products, thereby making it the fastest growing channel in the global travel retail market.

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FREQUENTLY ASKED QUESTIONS?

A. The global travel retail market size is expected to reach $145.0 billion by 2028

A. The CAGR of travel retail market IS 14.9%

A. Kindly raise an inquiry through the chat box and our business executive will get in touch with you with the details on the purchase options.

A. the top companies in the travel retail market are DFS Group, Dufry, LS travel retail, Lotte Duty Free

A. The global travel retail market is segmented based on product, channel, and region.

A. 2020 is base year calculated in the travel retail Report

A. The major current trends like development of the travel & tourism industry and rapid growth in urbanization will shape the market in the positive side.

A. Asia-Pacific region holds the maximum market share of the Global Travel Retail market

A. The factors like unorganized local market and stringent government rules is negatively effecting the travel retail market

A. Market was negatively impacted by the pandemic owing to country wide lockdowns and closing down of schools

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