The airport retailing market is expanding rapidly, growing from $26.29 billion in 2023 to $29.28 billion in 2024, reflecting a CAGR of 11.4%. This growth is attributed to an increase in passenger numbers and rising disposable incomes. By 2028, the market is expected to reach $45.54 billion, growing at a CAGR of 11.7%. Future growth drivers include changing consumer preferences and the expansion of airport facilities. Key trends include the use of advanced analytics and innovative retail concepts to enhance the shopping experience.
Major Driver In The Airport Retailing Market
The airport retailing market is expected to thrive, driven by the growing air passenger traffic. Enhanced retail offerings improve the travel experience while generating additional revenue for airports. In March 2023, the Bureau of Transport and Statistics reported a 30% increase in passenger numbers in the U.S. in 2022, indicating robust growth in air travel. This surge in passenger traffic is a key factor in the growth of airport retailing.
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Airport Retailing Market Competitive Landscape
Dufry AG, Lagardère Travel Retail Group, Gebr. Heinemann SE & Co. KG, SSP Group PLC, HMSHost Corporation, Duty Free Americas Inc., Dubai Duty-Free, Nuance Group, Japan Airport Terminal Co. Ltd., Paradies Lagardère, WH Smith PLC, DFS Group Limited, Lotte Duty Free, Hudson Group, InMotion Entertainment Group LLC, Flemingo International, Airport Retail Group LLC, Aer Rianta International (ARI), King Power International, The Shilla Duty Free, Autogrill S.p.A., Aelia Duty Free
Key Airport Retailing Market Trend
Major players in the airport retailing market are focused on innovative travel retail concepts to enhance passenger experiences and capture a larger market share. In November 2023, Chalhoub Group launched The Visitor, a travel retail concept designed to engage and immerse travelers. This innovative store aims to meet the expectations of the modern globetrotter by integrating technology and personalization into the shopping experience.
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Airport Retailing Market Segmentation
The airport retailing market covered in this report is segmented –
1) By Product: Liquor And Tobacco, Perfumes And Cosmetics, Fashion And Accessories, Food And Beverages, Other Products
2) By Services: Currency Exchange, Travel Agencies, Car Rentals, Duty-Free Pre-Order
3) By Airport Size: Large Airport, Medium Airport, Small Airport
4) By Store Location: Pre-Security (Landside), Post-Security (Airside)
5) By Distribution Channel: Direct Retailer, Convenience Store, Specialty Retailer, Departmental store
By Geography:The regions covered in the airport retailing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the airport retailing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Airport Retailing Global Market Report 2024 furnishes information about the global airport retailing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
