Robust Growth Forecasted: Global Travel Retail & Duty-Free Market Set to Reach USD 156.28 Billion by 2030

According to Next Move Strategy Consulting, the global travel retail & duty-free market was valued at USD 64.79 billion in 2022, and is expected to reach USD 156.28 billion by 2030, with a CAGR of 10.7% from 2023 to 2030. The increasing number of international travelers across the globe drives the market.

The surge in global travel population, coupled with a rising influx of international tourists and business travelers pursuing diverse objectives, has been a key driver of market expansion. The availability of cost-effective airfare options and improved transportation infrastructure has significantly bolstered the accessibility and affordability of international travel. Consequently, there has been a noticeable uptick in demand for retail services within travel settings, particularly duty-free shops.

However, the implementation of stricter security measures at airports and border crossings may lead to longer wait times and more rigorous regulations, potentially reducing the time available for travelers to shop at duty-free stores. These delays and limitations can have a detrimental impact on the overall travel experience, potentially discouraging shoppers and leading to lower sales in duty-free retail areas.

Conversely, the growing popularity of pre-ordering duty-free products online presents an opportunity for the travel retail & duty-free market. Companies offering online duty-free platforms or digital marketing services in the e-commerce space have promising prospects. Many duty-free retailers now provide pre-order services, enabling travelers to browse and reserve products online before their trip. This not only saves time but also ensures availability, as customers can pick up their desired items at the airport or other designated locations.

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The travel retail and duty-free market is poised for significant growth in the coming years, driven by several key factors:

1. Rising International Travel: The increasing number of international travelers, both for leisure and business purposes, will continue to be a major growth driver. As global connectivity improves and travel becomes more accessible, the demand for retail services in travel settings is expected to rise.

2. E-commerce and Pre-ordering: The growing popularity of pre-ordering duty-free products online presents a significant opportunity. Online duty-free platforms and digital marketing services in the e-commerce space are expected to play a crucial role in capturing this market segment. Offering the convenience of pre-ordering allows travelers to save time and ensures product availability.

3. Diversification of Product Offerings: Duty-free retailers are likely to expand and diversify their product offerings to cater to a wider range of customer preferences. This may include a broader selection of beauty and cosmetics products, alcohol, fashion accessories, electronics, and more. Providing a diverse range of products can attract a larger customer base.

4. Technological Advancements: Incorporating cutting-edge technology, such as augmented reality (AR) and virtual reality (VR), into the shopping experience at duty-free stores can enhance customer engagement. Interactive technologies can provide a unique and immersive shopping experience, further driving sales.

5. Strategic Location Expansion: Companies in the travel retail and duty-free market are expected to strategically expand their presence in high-traffic locations, such as major airports, railway stations, and seaports. Being present in key transportation hubs ensures exposure to a large and diverse customer base.

The report categorizes the global travel retail & duty-free market by product into beauty & cosmetics, alcohol, fashion & accessories, tobacco items, confectionery & catering, electronics, and others. Based on distribution channel, the market is segmented into airports, railway stations, military and diplomatic, seaports & cruise ships, ferries, border shops, downtown DF shops, and others.

In terms of region, Europe stands as a dream destination for many travelers, with its rich history, culture, and natural beauty driving duty-free sales. Additionally, the presence of key players like Dufry, Lagardère, LVMH Moët Hennessy, and others, who continuously adopt expansion strategies, fuels industry growth. North America is poised to witness substantial growth in the travel retail & duty-free market, primarily due to the increasing popularity of duty-free alcohol and tobacco products. Duty-free shops located in airports and border crossings offer travelers the opportunity to purchase these items at tax-free prices, making them an attractive option. Furthermore, the number of international passengers is on the rise in countries like the U.S. and Canada, driven by business-related visits.

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Key market players in the travel retail & duty-free market include China Duty-Free Group, Lotte Duty-Free, The Shilla Duty-Free, Dufry, Lagardère Travel Retail, Gebr Heinemann, DFS Group, Sinsegae Duty-Free, Ever Rich Duty-Free, Dubai Duty-Free, among others. The report provides a comprehensive analysis of the competitive landscape.

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This release was published on openPR.