Duty-free Retailing Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 In a bid to encourage and improve air travel, countries that have a huge number of visitors and cargo such as the United States of America have a huge number of airports to cater to the large volume of air freight, be it people or goods. Next to the US, we have countries such as Brazil, Mexico, Canada, Russia, and Argentina all boasting a huge number of airports, with over 9000 airports among the four of them. ACI World estimates that the global airport industry experienced a reduction of more than 6 billion passengers by the end of 2020, representing a decline of 65% of global passenger traffic, with a reduction in revenue of US$125 billion as compared to the projected baseline.

The Duty-free Retailing Market is expected to grow at a steady rate of around 8%.  The rise in the interest of people to visit various international places is predicted to be the major driving factor for the growth of the market. With the increase in the number of travelers, the market is predicted to grow considerably in the forecast period. Constant development in the travel & tourism industry, coupled with the integration of several segments including hospitality & infrastructure with government initiatives, enhances the travel & tourism industry, resulting in the growth of the duty-free retailing market As per World Travel and Tourism Council, Travel & Tourism's contribution to GDP increased by US$1 trillion (+21.7% rise) in 2021. Also, In 2019, the Travel & Tourism sector contributed 10.3% to global GDP; a share which decreased to 5.3% in 2020 due to ongoing restrictions on mobility. 2021 saw the share increase to 6.1%. Furthermore, the construction of the new airports across countries is also acting as a growth catalyst for the industry, For instance, in 2020, GMR Airports Ltd signed a contract to build duty-free shops at Kannur international airport in Kerala, India. Also, several airport expansion projects are underway in North America and the European region.

Unlock The Table of Content, And Request a Sample Report - https://univdatos.com/get-a-free-sample-form-php/?product_id=29097

 According to UnivDatos Market Insights (UMI)’ research report “Global Duty-free Retailing Market”, the market is expected to witness robust growth during the forecast period (2022-2028).  The increasing number of new air routes and the introduction of LCC carriers are among the main factors promoting the development of the Asia-Pacific duty-free and travel retail market. The rise in consumption and purchasing power across China and India may have a positive impact on the market in this region. The adoption of new lifestyles and the introduction of cheap destination travel packages by companies, such as MakeMyTrip, Cleartrip, and GoIbibo, may result in the growth of the global duty-free and travel retail market.

Based on product, the duty-free retailing market is segmented into alcohol and spirit, tobacco & cigarette, fashion & accessories, personal care & cosmetics, watches& jewelry, and others. The rise in the use of cosmetic and personal care products among the population and access to branded and trustworthy products at a cheaper price is predicted to boost the overall growth of the market in the forecast period. Furthermore, companies are focusing on starting multi-brand cosmetics stores to offer a wide range of products to tourists. For instance, in March 2019, China Duty-Free Group (CDFG) announced to open of an exclusive perfumes and cosmetics multi-brand store in the new extension of Citygate Outlets in Tung Chung.

Unlock The Table of Content, And Request a Sample Report - https://univdatos.com/get-a-free-sample-form-php/?product_id=29097

Based on the distribution channel, the market is categorized into Airport, Seaport, Onboard, Others.  Among these, the airport segment grabbed the major market share and dominated the market in 2020. This is mainly because airports are one of the major places for companies to showcase and promote awareness about their brand to customers. Moreover, the airport distribution channel also offers wide scope for retail outlets to reach customers due to the flexibility in the prices which is expected to uplift the growth of the market sub-segment over the analysis timeframe.

APAC to witness extensive growth

For a better understanding of the market adoption of the Duty-free Retailing industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period owing to a rise in the disposable income of the middle-class population and the rise in foreign tourism. Another important factor fueling this region's growth is rising number of overseas students, particularly in emerging economies such as China and India.

For More Informative Information, Please Visit Us – https://univdatos.com/report/duty-free-retailing-market/

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Duty-free Retailing market are LVMH, Duty Free Americas Inc., SHINSEGAE INTERNATIONAL, Aer Rianta International, Dubai Duty Free, China Duty Free Group Co. Ltd., Lotte Group, Dufry AG, Hyundai Department Store Group Co. Ltd., and Lagardère SA.

“Global Duty-free Retailing Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.        

Market Segmentation:

1.      By Product (Alcohol & Spirit, Tobacco & Cigarette, Fashion & Accessories, Personal Care & Cosmetics, Watches & Jewelry, Others)

2.      By Distribution Channel (Airport, Seaport, Onboard, Others)

3.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

4.      By Company (LVMH, Duty Free Americas Inc., SHINSEGAE INTERNATIONAL, Aer Rianta International, Dubai Duty Free, China Duty Free Group Co. Ltd., Lotte Group, Dufry AG, Hyundai Department Store Group Co. Ltd., and Lagardère SA)

Key questions answered in the study:

1.      What are the current and future trends of the global Duty-free Retailing industry?

2.      How the industry has been evolving in terms of type, drive type, and application?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global Duty-free Retailing industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global Duty-free Retailing suppliers across various region and countries?