The "Duty-free and Travel Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global duty-free and travel retail market size reached US$ 37.2 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 58.8 Billion by 2028, exhibiting a CAGR of 7.93% during 2022-2028.
Duty-free and travel retail refers to a retailing channel that offers tax-free goods to international travelers. It includes shops, stores, and outlets established in travel environments, such as airports, ferries, and seaports. Duty-free and travel retail sells wide-ranging products, including beauty and personal care, wine and spirits, tobacco, eatables, fashion accessories, and luxury items.
It offers lower prices on goods and products, increases brand awareness, and provides convenience to travelers by delivering various merchandise. As a result, duty-free and travel retail generate significant revenue for the travel, tourism, aviation, and maritime industries.
The significant growth in the tourism industry is one of the key factors driving the market growth. In line with this, the increased time spent by passengers at airports due to security concerns and early check-in times is favoring the market growth. Additionally, the increasing preference for luxury and premium products, such as cosmetics, fragrances, and alcohol, is acting as another growth-inducing factor.
Besides this, the rising air travel and proliferation of new international airports due to the rapidly expanding aviation industry is providing a considerable boost to market growth. Moreover, the introduction of touch screens and interactive retail kiosks, which offers seamless ordering and payment solutions, is providing an impetus to the market growth.
Apart from this, the widespread adoption of new marketing strategies by brands, such as launching exclusive and limited products and partnerships with prominent distribution chains to gain a competitive edge, is propelling the market growth.
Furthermore, the implementation of various government initiatives promoting international tourism is positively influencing the market growth. Other factors, including rising expenditure capacities of the consumers, emerging trends of digitalization in retailing processes, the rising consumer inclination for premium wines and spirits, and the introduction of pre-ordering applications, are anticipated to drive the market growth.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global duty-free and travel retail market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type and distribution channel.
Breakup by Product Type:
Breakup by Distribution Channel:
Key Questions Answered in This Report:
For more information about this report visit https://www.researchandmarkets.com/r/k60346
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