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Travel Retail Market Size, Share and Forecast 2026

(I-TravelNewswire.Com, September 16, 2019 ) Market Overview
• Travel retail refers to sales made in travel environments where customers require proof of travel to access the commercial area, but which are subject to taxes and duties.
• Duty-free & travel retail generates vital revenues for the aviation, travel, tourism, and maritime industries. It is a multi-billion-dollar market, that’s set to grow at unprecedented levels.
• Part of this can be attributed to a substantial rise in people’s incomes, brought about by a growing economy. The real reason for this transformation, however, has been a fundamental change over the years in making purchases while on the go.

Market Dynamics
• Increase in demand for air travels, development of tourism industry and rapid growth in urbanization are the key factors for the market growth.
• Every year, over 1 billion people travel internationally, that is over 15% of the global population, and with the recent upturns in the economy, passenger numbers expected to increase even further, especially in emerging countries like China.
• Moreover, the increase in travel & tourism or international tourist arrivals in the emerging economies, such as Asia-Pacific and LAMEA is expected to increase the demand for air travel retail market.
• The rapid growth in urbanization changes in lifestyle has increased the need for travel retail due to the increased international travel. This created an incentive for the development of the tourism industry in many developing countries. Further, many countries support tourism as the major factor for development.
• Moreover, the rise in travel & tourism has intensified the demand for apparels, cosmetics, food items, and electronics retailers in the travel retail market. Airports have become an area where brands test their possible success in new markets, basing on customers’ nationalities and flight destinations.
• Un-organized local markets, less attractive duty-free prices, stringent government rules, particularly for airport retailing and fluctuations in international currencies are the key market restraints for the market growth. The prevalent stringent government rules in the travel retailing industry, especially for airport retailing might hamper the market growth.

Market Segmentation
• Based on product type, the global market for travel retail is segmented as Electronics, food, confectionery & catering, fashion and accessories, perfumes and cosmetics, tobacco goods, wines and spirits, and others.
• The global travel retail market for product segment was worth $77.3 million in 2018 and is forecasted to reach $XX billion by 2026, at a CAGR of XX% during the forecast period.
• Perfumes and Cosmetics held the largest share in the year 2018. The retail stores involved in the Perfumes & Cosmetics segment include high-end brands such as Chanel, Christian Dior, Estée Lauder, Guerlain, Givenchy, Lancôme, Shiseido, SK-II, YSL and many more in their product portfolio. The Perfumes & Cosmetics segment focuses on luxury, super service, convenience, and premium quality of products.
• The brand-conscious consumers are also focused on value-for-money end-products, with special attention on luxury and super premium fragrances, contemporary classics, and lifestyle and sports fragrances. In September 2018, perfume house Atelier Cologne announced plans to introduce its airport retail concept in late 2018, with new openings planned for Paris, Munich, Beijing, New York, and Los Angeles before the end of the year.
• On the basis of the distribution channel, the market for global travel retail is segmented into airports, cruise liners, railway stations and border, downtown and hotel shops. Currently, Airports is the dominant sub-segment and it accounted for approximately 57% of the market in 2018. The travel retail market in the airports are continually evolving by the changing consumer behavior, enhancement of technology and rise in the demand of consumers.
• The retail stores inside airports put store experience of consumers at the forefront as part of their business strategy to strengthen market position. For instance, in October 2018, Munich Airport travel retailer, Eurotrade, announced the rebuilding of its Terminal 2 outlet in an attempt to revamp shopping experience of consumers with the atmosphere created in-store.

Geographical Analysis
• The global Travel Retail market is segmented into North America, Europe, Asia Pacific, South America and ROW.
• The travel retail market in Asia-Pacific holds significant market share, owing to vital contribution from China and Japan, and rise in disposable income and spending power of consumers. The travel retail stores in the region offer a wide variety of product categories such as fashion and accessories, perfumes & cosmetics, tobacco, and wines and spirit items. For instance, in September 2018, the Shilla Duty Free company announced the hosting of two separate large-scale promotions from Hermès and Parfums Christian Dior, within its North and South stores at Hong Kong International Airport.
• Europe geographic segment is divided into Germany, UK, France and the Rest of Europe. Germany, with its strong economy and high consumer confidence, is Europe’s largest travel market. Not only do Germans take many trips, but according to the Phocuswright report, they also have the highest per-trip spend.
• However, the prevalent stringent government regulations are expected to hamper the growth of the market. A railway distribution channel is expected to rise in the UK, owing to the increased passenger traffic which has led to the implementation of larger retail experiences which include shops, restaurants, bars and other forms of retail, at railways.

Competitive Trends
• Major market players are AerRianta International Cpt, China Duty Free Group Co Ltd, DFS Group, Dufry AG, Duty Free Americas, Inc, Gebr. Heinemann SE & Co. KG, King Power International Group Co Ltd, Lotte Duty Free Jeju Co Ltd., Lagardere Travel Retail SAS and The Shilla Duty Free.
• Globally, a significant share of the travel retail market is four major players who are headquartered in the US or Europe. These recognized players include Durfy AG, Lotte Duty Free Jeju Co Ltd, Largedere Travel Retail SAS and DFS Group.
• Some of those players are already launching ventures to boost performance, both in the airport and in the air.
• Among the most recent examples, Kuala Lumpur International Airport is building an integrated big data platform to support operations and provide real-time information to customers and airport operators; it will also facilitate passenger access to retail with features such as click and collect, where passengers buy products online that are subsequently delivered to their gate prior to boarding.
• In another venture, Singapore Airlines and duty-free operator DFASS have partnered with SATS, a gateway and food services provider, to convert onboard catalogs into an omnichannel e-commerce experience.

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