The global duty free retailing market revenue from 2019 to 2027. The global duty free retailing market accounted for US$ 77. 87 Bn in 2018 and is anticipated to grow at a CAGR of 8. 44% to reach US$ 155.
New York, March 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Duty Free Retailing Market to 2027 - Global Analysis and Forecasts by Product Type ; Application" - https://www.reportlinker.com/p05875855/?utm_source=GNW
30 Bn by 2027. Duty-free retailing offers products to international travelers. Thus is a substantial source of income and Duty-free retailing offers products to international travelers. Thus is a substantial source of income and offers numerous marketing opportunities. The growth of the travel & tourism industry is one of the key factors bolstering the growth of the duty-free retailing market. Duty-free retailing offers temporary spaces that provide extra time to travelers after security check-in and enable them to get indulgent with the ambiance as well as the experience of shopping for international duty-free products.
Presently, vendors in the duty-free retailing market are focusing on digitalizing the retail process and adoption of advanced technologies such as AR and VR for offering enhanced customer experience, which may boost sales. Moreover, the rising demand for duty-free luxury and premium brands of several products is providing opportunities to the duty-free retailing market.
In terms of geography, APAC held around half of the duty-free retailing market share in 2018, and it is anticipated to witness the highest CAGR during the forecast period.The growth in the APAC region is attributed to the growing number of new air routes coupled with the commencement of LCCs.
Moreover, the rise in the purchasing power due to growth in the middle-class population across developing economies is expected to offer lucrative growth opportunities to the market players.
Europe is estimated to be the second-largest market in 2018.It is due to the region’s rich heritage as well as its position as a significant tourist region.
Also, the presence of retail chains offering luxury and premium brands is another critical factor influencing the market growth in European.Key players in European have adopted the expansion strategy to stay competitive in the market.
For instance, Dufry opened a new duty-free store located at Norwich airport to enhance passenger communication in 2018.Also, in 2017, Dufry’s subsidiary “Hellenic Duty-Free Shops” signed an agreement with Fraport Greece to operate for 30 years in order to offer retail services at 14 Greek airports.
However, in 2019, KLM Royal Dutch announced to stop the sale of duty-free items on its European flights. It may hamper the on-board aircraft segment growth in the coming years.
The global duty free retailing market has been segmented on the basis of product type, application.Based on product type, the duty free retailing market has been segmented into cosmetics and personal care products, alcohol, wine and spirits, tobacco and cigarettes, fashion, confectionery and food stuff, and other.
Based on application, duty free retailing market has been segmented into airports, on-board aircraft, seaports, others.
The global duty free retailing market has also been analyzed on basis of five major regions such as North America, Europe, APAC, MEA, and SAM. The major players profiled in the duty free retailing market are Aer Rianta International (ARI), China Duty Free Group Co.,Ltd., Dubai Duty Free, Duty Free Americas, Gebr. Heinemann, King Power International Group, Lotte Duty Free, Shinsegae Duty Free, The Shilla Duty Free, LVMH, LAGARDèRE TRAVEL RETAIL, Hyundai Duty Free, DUFRY AG.
The overall global duty free retailing market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global duty free retailing market.
It also provides an overview and forecast for the duty free retailing market based on all the segmentation provided for the global region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the duty free retailing industry.
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