Global Airport Retailing Market Analysis 2024 – Estimated Market Size And Key Drivers

The Airport Retailing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Airport Retailing Global Market Report 2024, The airport retailing market size has grown rapidly in recent years. It will grow from $26.29 billion in 2023 to $29.28 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to increase in the number of passengers, increasing disposable income, growth of travel retail brands, growth of low-cost carriers, and rising urbanization.

The airport retailing market size is expected to see rapid growth in the next few years. It will grow to $45.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to changing consumer preferences, expansion and enhancement of airport facilities, luxury and premium goods demand, increasing duty-free shopping benefits, and an increase in tourism. Major trends in the forecast period technological advancements, collaboration with airlines and loyalty programs, advanced analytics, innovative retail concepts, and innovative omnichannel initiatives.

The growing air passenger traffic is expected to propel the growth of airport retailing going forward. Air passenger traffic refers to the movement and volume of passengers traveling by air over a specified period. The growing air passenger traffic is due to tourism development, improved air connectivity, and social and infrastructural factors. Airport retailing significantly enhances air passenger traffic by improving the overall travel experience, generating additional revenue, and making airports more attractive to passengers and airlines. For instance, in March 2023, according to the Bureau of Transport and Statistics (BTS), a US-based independent statistical agency, in 2022, U.S. airlines experienced a 30% year-over-year increase in passenger numbers, carrying 194 million more passengers than in 2021. Further, from January to December, U.S. airlines’ total passengers reached 853 million, compared to 658 million in 2021 and 388 million in 2020. Therefore, the growing passenger traffic is driving the growth of the airport retailing market.

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The airport retailing market covered in this report is segmented –

1) By Product: Liquor And Tobacco, Perfumes And Cosmetics, Fashion And Accessories, Food And Beverages, Other Products
2) By Services: Currency Exchange, Travel Agencies, Car Rentals, Duty-Free Pre-Order
3) By Airport Size: Large Airport, Medium Airport, Small Airport
4) By Store Location: Pre-Security (Landside), Post-Security (Airside)
5) By Distribution Channel: Direct Retailer, Convenience Store, Specialty Retailer, Departmental store

Major companies operating in the airport retailing market are focused on developing innovative travel retail concepts to enhance passenger experience and capture a larger share of the growing global travel retail market. The new travel retail concept encompasses innovative approaches to improve the shopping and dining experiences for travelers at airports, train stations, and other travel hubs, which focuses on integrating technology, personalization, convenience, and a seamless blend of physical and digital retail environments to meet the evolving needs and preferences of modern travelers. For instance, in November 2023, Chalhoub Group, a United Arab Emirates (UAE)- based company, launched The Visitor, a new travel retail concept. This innovative concept is designed to enhance the travel experience and meet the expectations of the rapidly growing younger globetrotters. The concept store is designed to provide travelers with an immersive and engaging shopping experience.

The airport retailing market report table of contents includes:

1. Executive Summary
2. Airport Retailing Market Characteristics
3. Airport Retailing Market Trends And Strategies
4. Airport Retailing Market – Macro Economic Scenario
5. Global Airport Retailing Market Size and Growth
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32. Global Airport Retailing Market Competitive Benchmarking
33. Global Airport Retailing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Airport Retailing Market
35. Airport Retailing Market Future Outlook and Potential Analysis
36. Appendix