Dublin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The "Travel Retail Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The travel retail market size has grown rapidly in recent years. It will grow from $79.24 billion in 2023 to $90.41 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth observed in the historical period can be attributed to factors such as increased disposable income, a rise in global urbanization, the expansion of the leisure and tourism industry, the development of airports and other travel hubs, and a growing demand for luxury goods.
The travel retail market size is expected to see rapid growth in the next few years. It will grow to $150.38 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The anticipated growth in the forecast period can be attributed to factors such as increasing globalization, a rising demand for personalized shopping experiences, the growing utilization of technology to enhance customer interactions, an increased demand for sustainable and eco-friendly products, and a growing preference for online travel retail. Noteworthy trends expected in this period encompass the integration of advanced technology, collaborative efforts between travel retailers and travel service providers, the incorporation of augmented reality (AR) and virtual reality (VR), the introduction of contactless and frictionless payment methods, and the application of data analytics for personalized marketing and enhanced customer engagement.
The anticipated increase in the number of international travelers is set to drive the growth of the travel retail market. For instance, the Transportation Security Administration (TSA) in the USA reported a 6.5 million increase in daily travelers from June to July 2021. Therefore, the surge in international travelers is expected to be a catalyst for the growth of the travel retail market.
The expected rise in demand for transportation is poised to propel the expansion of the travel retail market. In 2021, the United States saw a 9.2% increase in transportation demand, as reported by the Bureau of Transportation. This marked the most significant year-over-year surge. Therefore, the growing demand for transport is foreseen to drive the growth of the travel retail market.
Technological advancement is a prominent trend gaining momentum in the travel retail market. It involves the discovery of knowledge that advances technology. Travel retailers are leveraging data insights, including customer arrival and destination information, to cater to specific needs. Accommodating language and cultural sensitivity, staff and retail displays are designed to ensure that the right products are prominently visible to the correct customers. For example, Hudson Group, a US-based retail company, launched a Just Walk Out Technology-enabled Amazon One in December 2021, allowing shoppers to pay using their unique palm print.
Major companies in the travel retail market are responding to the growing demand by introducing new travel retail stores. These stores offer a diverse range of products, including luxury goods, electronics, fashion, and local merchandise, targeting both domestic and international travelers. Bentley Leathers Inc., a Canada-based retail company, unveiled the 'Tracker' retail store concept in November 2021, specifically targeting airports and other travel hubs. The store provides a wide array of travel items, such as travel bags, luggage, and accessories.
In July 2022, Dufry AG, a Switzerland-based travel company, acquired Autogrill SpA for an undisclosed amount. This merger created a new entity employing around 60,000 people, serving 2.3 billion travelers in over 5,500 outlets across 1,200 airport and other locations in more than 75 countries. The acquisition of Autogrill has enabled Dufry to expand its service portfolio, enhance bargaining power, generate cost synergies, and achieve positive financial results and an improved credit rating.
Major companies operating in the in the travel retail market report are 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, Lagardere 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, Kappe 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.
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 The countries covered in the travel retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Report Scope
- Markets Covered:
- 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)
- Key Companies Mentioned: Aer Rianta International; China Duty Free Group Co Ltd.; Dufry AG; Duty Free Americas Inc.; Gebr Heinemann SE & Co KG
- Time Series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- 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
- Lagardere 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
- Kappe 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.
For more information about this report visit https://www.researchandmarkets.com/r/7685u
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