The travel retail market has witnessed considerable growth in recent years, expected to grow from $88.76 billion in 2024 to $100.73 billion in 2025, with a compound annual growth rate (CAGR) of 13.5%. This growth can be attributed to several factors, including increased disposable income, urbanization, expansion of travel hubs, and a rise in the demand for luxury goods and personalized shopping experiences.
Furthermore, the travel retail market size is projected to further expand and reach $169.64 billion in 2029 with a CAGR of 13.9%. This growth is expected due to increasing globalization, the demand for sustainable and eco-friendly products, and the rising dependency on technology to enhance customer experience in the market. Key trends include integrating advanced technology, collaborations between travel retailers and travel service providers, application of augmented reality (AR) and virtual reality (VR), contactless and frictionless payment methods and data analytics for customer engagement.
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What Are The Key Factors Driving The Global Travel Retail Market?
The significant increase in the number of international travelers is one of the key growth drivers in the travel retail market. With mass tourism and package holidays opening markets to a broader audience, travel retail has become instrumental in aiding international travelers’ journey planning and ticket booking. According to the UN Tourism, approximately 790 million tourists traveled internationally in the first seven months of 2024, an 11% increase from the same period in 2023. This increase in international travel is expected to boost growth in the travel retail market.
What Are the Key Market Segments in the Global Travel Retail Market?
1) By Product Type: Perfume And Cosmetics, Wine And Spirit, Electronics, Luxury Goods, Food, Confectionery, And Catering, Tobacco, Other Products
2) By Channel: Airports, Cruise Lines, Border, Down Town and Hotel Shops, Railway Stations, Other Channels
3) By End Users: Children (Less Than 18 Years Old), Youth (18-30 years Old), Middle-Aged (18-59 Years old), The Elder (Greater Than 60 Years Old)
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Which Are The Major Companies In The Global Travel Retail Market?
Significant companies in the travel retail market include Aer Rianta International, China Duty Free Group Co Ltd., Dufry AG, Duty Free Americas Inc., Gebr Heinemann SE & Co KG, King Power International Group, Lotte Hotel & Resorts, Lagardère SCA, The Shilla Duty Free, DFS Group, Flemingo International, The Naunace Group, Dubai Duty Free, James Richardson Group, Lotte Duty Free, Qatar Duty Free, Heinemann, LS Travel Retail, Incheon International Airport Corporation, Singapore Changi Airport Terminal Services, Kappé Schiphol, China Duty Free Group, James Richardson Corporation, RegStaer Group, ARI (Aer Rianta International), Baltona Duty Free, World Duty Free Group, Nuance Group AG, SSP Group Limited, Wenzhou Department Store Group Co Ltd., King Power (Cambodia) Co Ltd.
What Are The Emerging Trends In The Global Travel Retail Market?
Travel retailers are increasingly integrating advanced technology for data insights, personalizing shopper preferences. For instance, to cater to specific customers needs, The O2 Store opened its first AWS’s Just Walk Out-enabled store in London in July 2024. This store uses advanced technology for shopping without traditional checkout processes, accommodating high foot traffic during events, and optimizing operational efficiency through real-time data analytics.
What Is The Regional Overview Of The Global Travel Retail Market?
In 2024, Asia-Pacific was the largest region in the travel retail market. The regions covered in the travel retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Travel Retail Market Report 2025 Offer?
Travel retail primarily revolves around airports, airplanes, and downtown duty-free stores. It caters to travelers during transits where taxes and duties are payable. The Travel Retail Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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