Global Travel Retail Market 2024, Forecast To 2033
27 Feb, 2024
The travel retail market has witnessed rapid growth, surging from $79.24 billion in 2023 to $90.41 billion in 2024, achieving a 14.1% CAGR. Historical growth is attributed to increased disposable income, the rise in global urbanization, growing leisure and tourism industry, and expansion of airports and other travel hubs. The forecasted expansion envisions a market size of $150.38 billion in 2028, with a 13.6% CAGR. This growth is driven by increasing globalization, demand for personalized shopping experiences, technology to enhance customer experience, sustainable and eco-friendly product demand, and growing online travel retail. Key trends include integration of advanced technology, collaboration between travel retailers and service providers, integration of augmented reality (AR) and virtual reality (VR), introduction of contactless and frictionless payment methods, and data analytics for personalized marketing and customer engagement.
Global Travel Retail Market Key Driver
The growing number of international travelers propels the travel retail market's growth. A surge in daily travelers, reported by TSA, reflects an increase in international travel. The convenience of online booking and the rise in international tourism contribute to the growing demand for travel retail services.
Get A Free Sample Of The Global Travel Retail Market ReportGlobal Travel Retail Market Segments
The travel retail market covered in this report is segmented –
1) By Product Type: Perfume and Cosmetics, Wine and Spirit, Electronics, Luxury Goods, Food, Confectionery, and Catering, Tobacco, Other Products
2) By Channel: Airports, Cruise Lines, Border, Down Town and Hotel Shops, Railway Stations, Other Channels
3) By End Users: Children (less than 18 years old), Youth (18-30 years old), Middle-aged (18-59 years old), The Elder (greater than 60 years old)
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacific was the largest region in the travel retail market in 2023. The regions covered in the travel retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Travel Retail Industry Players
Aer Rianta International; China Duty Free Group Co Ltd.; Dufry AG; Duty Free Americas Inc.; Gebr Heinemann SE & Co KG; King Power International Group; Lotte Hotel & Resorts; Lagardère SCA; The Shilla Duty Free; DFS Group; Flemingo International; The Naunace Group; Dubai Duty Free; James Richardson Group; Lotte Duty Free; Qatar Duty Free; Heinemann; LS Travel Retail; Incheon International Airport Corporation; Singapore Changi Airport Terminal Services; Kappé Schiphol; China Duty Free Group; James Richardson Corporation; RegStaer Group; ARI (Aer Rianta International); Baltona Duty Free; World Duty Free Group; Nuance Group AG; SSP Group Limited; Wenzhou Department Store Group Co Ltd.; King Power (Cambodia) Co Ltd.
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Travel Retail Market Overview
Travel retail refers to the business mainly revolving around airports, airplanes, cruise ships, and downtown duty-free stores. Travel retail products are sold during a travel environment where taxes and duties are payable, even during international travels. It is also referred to as the business of catering to shoppers while they are in transit.
Travel Retail Global Market Report 2023 provides data on the global travel retail market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The travel retail market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.