New York, United States , April 19, 2024 (GLOBE NEWSWIRE) -- The Global Airport Retailing Market Size to Grow from USD 39.7 Billion in 2023 to USD 115.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.24% during the forecast period.
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The companies and goods that travellers and passengers can buy inside airport terminals are referred to as part of the airport retailing market. These services include the selling of things including luxury goods, duty-free items, gadgets, cosmetics, garments, and accessories in addition to a range of facilities like food and beverage outlets, lounges, and entertainment venues. As a means of catering to visitors seeking amusement during their flight delays, airports are starting to incorporate spas, wellness centres, and relaxation areas. The expanding number of air travellers brought on by more affluence, globalisation, and improved transportation infrastructure has given airport shops a wider customer base. Numerous airports have undergone extensive renovations and expansions, resulting in the creation of larger, more modern terminals with better retail spaces.
Airport Retailing Market Value Chain Analysis
Suppliers are crucial to the provision of goods to airport merchants. Producers, distributors, or wholesalers of goods such as electronics, cosmetics, food and drink items, luxury goods, and other retail goods might be considered these suppliers. Airport operators are in charge of the infrastructure and amenities found inside airport terminals, including the retail spaces. They lease out store sections to retailers and oversee the overall management of airport retail operations. Airport terminals host a variety of retailers, including duty-free shops, high-end boutiques, convenience stores, food and beverage facilities and specialty retailers. These retailers are responsible for recruiting staff, keeping inventory under control, procuring merchandise, marketing, and sales within the boundaries of their designated retail spaces. Travellers are the ultimate customers and consumers of the goods and services offered in airport terminals.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Airport Retailing Market Size By Type (Fashion and accessories, Perfumes and cosmetics, Liquor & tobacco, Food and beverages, Others), By Distribution Channel (Direct Retailers, Convenience Stores, Specialty Retailers, Departmental Stores), By Airport Size (Medium Airport, Small Airport, Large Airport), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Type
The perfumes and cosmetics segment accounted for the largest market share over the forecast period 2023 to 2033. Perfumes and cosmetics are often more reasonably priced duty-free than they would be in regular retail stores because of tax exemptions, which makes them appealing options for tourists. Customers looking to economise on high-end fragrances, skincare products, makeup, and other beauty essentials frequent duty-free shops at airports. Airports serve as hubs for international travel and welcome visitors from all around the world. Perfumes and cosmetics appeal to a broad range of consumers, regardless of a traveler's origin or culture, making this segment quite profitable for airport enterprises. Businesses regularly adjust their product portfolios to suit the diverse preferences of customers around the world. Airport retailers sell perfumes and cosmetics with innovative marketing strategies such in-store discounts, sample sales, and experiential activations.
Insights by Distribution Channel
The specialty retailers segment is dominating the market with the largest market share over the forecast period 2023 to 2033. Speciality retailers distinguish themselves with their well-curated product lines, dedicated customer support, and interesting storefronts. They arouse curiosity and excitement in tourists, enticing them to explore and buy distinctive products that capture the essence of the location's identity, culture, and history. Airports are home to travellers who have extra time before their flights. Speciality shops capitalise on this captive market by positioning their establishments in strategic positions within airport terminals and creating visually arresting displays that entice clients and promote impulse purchases. Speciality stores use targeted marketing strategies to appeal to specific consumer demographics, such as affluent tourists, foodies, eco-conscious consumers, and tech-savvy people.
Insights by Airport Size
The large airports segment accounted for the largest market share over the forecast period 2023 to 2033. Large airports, which manage enormous levels of traffic, are frequently used by both domestic and international travellers. As a result, they give airport companies access to a large consumer base, which increases revenue and sales. Large airports usually offer a wide range of retail products and spacious shop areas to suit the needs and preferences of visitors. These airports are home to a large number of terminals, concourses, and retail spaces, providing ample space for retailers to open their doors and display their products. Big airports are usually noted for their upscale retail offerings, such as luxury boutiques and designer shops that offer high-end products and well-known brands.
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Insights by Region
North America is anticipated to dominate the Airport Retailing Market from 2023 to 2033. North American airports offer a diverse range of retail options, including duty-free stores, high-end boutiques, specialty stores, electronics retailers, and food and beverage establishments. Major airports often include renowned brands and designer labels that cater to both domestic and international travellers. For airport operators and retailers in North America, improving the passenger experience through digital technologies, individualised services, and innovative retail concepts is a primary goal. The goal of efforts like click-and-collect services, mobile shopping apps, and experience retail activations is to engage and encourage travellers to make purchases. North American airports are setting the standard for integrating technology into the retail experience.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia-Pacific region's aviation markets are expanding quickly as a result of factors such growing middle class populations, urbanisation, and increased income. In nations like China, India, and Southeast Asia, air travel is rapidly expanding on both a domestic and foreign level. Passenger volume and spending at airport retail outlets are rising as a result of this. Due to the Asia-Pacific region's urbanisation and economic expansion, new airports are being constructed or existing ones are being enlarged. These remodelled airports feature state-of-the-art retail areas, innovative architectural designs, and cutting-edge technology integration to increase passenger happiness and increase retail sales.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Key players in the Global Airport Retailing Market Size Include Dufry AG (Switzerland), Heinemann SE & Co. KG (Germany), Paradies Lagardère Travel Retail (France), HMSHost Corporation (US), Hudson Group (US), Dubai Duty Free (UAE), King Power International Group (Thailand), SSP Group plc (UK), and Others Key Vendors.
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Recent Market Developments
- In August 2023, one of the largest duty-free stores in the world, Dubai Duty Free, has partnered with Emirates Skywards, the airline's loyalty system, to provide members of the scheme exclusive savings and advantages.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Airport Retailing Market, Type Analysis
- Fashion and accessories
- Perfumes and cosmetics
- Liquor & tobacco
- Food and beverages
- Others
Airport Retailing Market, Distribution Channel Analysis
- Direct Retailers
- Convenience Stores
- Specialty Retailers
- Departmental Stores
Airport Retailing Market, Airport Size Analysis
- Medium Airport
- Small Airport
- Large Airport
Airport Retailing Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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