The global travel retail market size is expected to gain momentum owing to the rising number of international passengers during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Travel Retail Market, 2021-2028.”
The surge in travel and tourism has increased demand in the industry for clothes, cosmetics, culinary products, and technology retail. Increasing urbanization and social changes are projected to drive the growth of the global market throughout the forecast period. Furthermore, there has been an increase in discretionary income among middle-income groups, a change in economic conditions, and technological developments support market growth by making it easier to obtain transportation and book hotels through online portals.
COVID-19 Impact-
Government Restrictions to Hamper the Market
The duty-free and travel retail industry were badly impacted in 2020 due to the abrupt drop in tourism caused by the COVID-19 pandemic. The tourist industry has already seen the pandemic’s detrimental influence on its performance. Travel bans and measures were implemented globally as early as January 2020. Domestic and foreign visitors avoided traveling owing to the risk of getting COVID-19.
Segments-
By product type, the market is segmented into food & beverage, cosmetics, fashion accessories, tobacco products, and others. On the basis of product category, the market is segregated into duty-free products and duty-paid products. On the basis of sales channel, the market is fragmented into airports, seaports, railway stations, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What does the Report Offer?
The purpose of this report is to offer an overview of the industry, thorough market segmentation by product type, channel, and geography. During the projected period, the global industry is predicted to develop rapidly. The research gives critical information on the market position of the main industry players, significant market trends and opportunities.
REGIONAL INSIGHTS
Increasing Number of International Visitors to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global travel retail market share during the forecast period. The introduction of low-cost airlines and the expansion of new air routes are two of the expected to drive the growth of the industry. The rise in consumption and economic output in China and India may have a beneficial influence on this region’s market.
North America is expected to have a sizable share of the market. This is due to large spending of the population on domestic travel activities and growth of business from domestic travellers in countries such as the US and Mexico.
Competitive Landscape-
Increasing Number of Mergers to Create Opportunities for Market Growth
The acquisition of super-premium and luxury items may assist businesses in gaining a competitive advantage over other vendors in the market throughout the projection period. The report examines the key international competitors in the market, and the adoption of creative promotional strategies and appealing pricing offerings may assist companies in the sector maintain competition.
Industry Development-
- July 2020: WHP Global collaborated with E. Gluck Corporation, an American watch manufacturer, to distribute the partner’s watch goods through different distribution channels such as travel retail and e-commerce stores.
List of Key Players Profiled in the Global Market for Travel Retail:
- Lagardere Group
- Dufry AG
- UNIFREE
- Medreich
- Lotte Corporation
- Knight Frank
- THE SHILLA DUTY FREE
- LVMH Moet Hennessy
- Louis Vuitton
China International Travel Service Corporation Limited
