The Business Research Company’s report on the Travel Retail Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the travel retail industry?
The growing number of international travellers is expected to propel the growth of the travel retail market going forward. Mass tourism and package holidays have opened markets to large numbers of individuals. Travel retail helps the international travellers to book their tickets at any place by using internet and it helps in making their journey easier, as a result increase in international travels will increase the demand for travel retail. For instance, in September 2024, according to the data published by the UN Tourism, a Spain-based United Nations agency, approximately 790 million tourists traveled internationally in the first seven months of 2024, representing an 11% increase compared to the same period in 2023. Therefore, the increase in international travelers is expected to drive the growth of the travel retail market.
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What is the estimated market size of the travel retail sector by 2029, based on current forecasts?
The travel retail market size has grown rapidly in recent years. It will grow from $88.76 billion in 2024 to $100.73 billion in 2025 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased disposable income, rise in global urbanization, growing leisure and tourism industry, expansion of airports and other travel hubs, growing demand for luxury goods.
The travel retail market size is expected to see rapid growth in the next few years. It will grow to $169.64 billion in 2029 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to increasing globalization, growing demand for personalized shopping experiences, increasing use of technology to enhance customer experience, growing demand for sustainable and eco-friendly products, increasing demand for online travel retail. Major trends in the forecast period include integration of advanced technology, collaboration between travel retailers and travel service providers, integration of augmented reality (AR) and virtual reality (VR), introduction of contactless and frictionless payment methods, data analytics for personalized marketing and customer engagement.
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#Who are the top players in the travel retail market?
Major companies operating 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 major trends in the travel retail market?
Technological Advancement is a key trend gaining popularity in the travel retail market. Technological advancement is a discovery of knowledge that advances technology. Travel retailers are using data insights such as advanced knowledge about the arrival and destination of the customer, and to cater to specific needs. Staff and retail displays are designed to accommodate incoming passenger language and cultural sensitivity so that the right products are plainly visible to the right customers. For instance, in July 2024, The O2 Store, a UK-based chain of retail stores, opened its first AWS’s Just Walk Out enabled store in London. This innovative store features advanced technology that allows customers to shop without traditional checkout processes, utilizing contactless payments and AI-powered monitoring for a seamless shopping experience. By effectively managing high foot traffic, especially during events, it enhances customer satisfaction while optimizing operational efficiency through real-time data analytics.
Which geography holds the highest travel retail market share?
Asia-Pacific was the largest region in the travel retail market in 2024.The regions covered in the travel retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How do different segments contribute to the overall expansion of the travel retail market?
The travel retail market covered in this report is segmented –
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)
Subsegments:
1) By Perfume And Cosmetics: Fragrances, Skincare Products, Makeup
2) By Wine And Spirit: Wine, Spirits, Champagne And Sparkling Wine
3) By Electronics: Personal Electronics, Travel Accessories
4) By Luxury Goods: Fashion Accessories, Designer Clothing
5) By Food, Confectionery, And Catering: Gourmet Foods, Chocolates And Sweets, Ready-To-Eat Meals
6) By Tobacco: Cigarettes, Cigars, Smokeless Tobacco Products
7) By Other Products: Souvenirs, Health And Wellness Products, Travel Accessories
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How is the travel retail market defined, and what are its core characteristics?
Travel retail refers to the business mainly revolving around airports, airplanes, cruise ships, and downtown duty-free stores. Travel retail products are sold during a travel environment where taxes and duties are payable, even during international travels. It is also referred to as the business of catering to shoppers while they are in transit.
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