Global Duty Free market grew at a CAGR of 4.5% during 2012-2017 and registered sales of US$52.9 billion in 2017. Sales are expected to grow at an increased CAGR of 7.1% during 2017-2022 to reach US$74.7 billion by 2022. Pushing Duty Free Retailers across the globe to expand their store network, renovating existing stores, and partner with other retailers in an effort to expand their presence and drive business. In addition, airports in several regions are undergoing major renovations in a bid to cater to the increasing tourist arrivals and flight frequencies.
APAC is expected to remain both the largest and fastest-growing region for duty free sales growth over the forecast period. Overall global duty free sales growth over the next five years can be attributed to the growth in the APAC market, especially in the emerging economies such as India, China, and South Korea.
As increased spending by travelers, especially millennials, is boosting the growth of luxury and premium product sales in duty free stores. Therefore, retailers and duty free operators are expanding their luxury offerings at major airports to tap this potential.Furthermore, duty free retailers are venturing into downtown duty free space in a bid to leverage the growing tourism flows and to provide a more engaged shopping experience for travelers.
Expansion and renovation of airports, increasing spending of Chinese travelers and millennials, growing overall tourism, new store openings, and renovations of existing stores are expected to remain the main factors contributing to duty free sales growth globally.
The "Global Duty Free Retailing, 2017-2022", report published by GlobalData, provides analysis of current and forecast market data for duty retail sales globally.
What else does this report offer?
- Current market sizes and forecasts to 2022 by categories, including clothing, footwear, jewelry, watches and accessories, and luggage and leather goods
- Market insights based on consumer trends and changing economic and demographic factors
- Duty free retail sales and fastest-growing markets for duty free channel
- Category level retail sales and forecast growth rates globally
- Competitive landscape covering market share of major duty free operators and their duty free sales and trading update analysis, recent key events.
Companies Mentioned: Dufry, Lotte Duty Free, DFS, Gebr Heinemann, The Shilla Duty free, China Duty Free Group, Dubai Duty Free, King Power International (Thailand), Aelia Group (LS Travel Retail), Ever Rich Group.
- Global duty free sales to reach US$74.7 billion by 2022
- South Korea to retain its position as the largest duty free market through to 2022
- Personal care is both the largest and fastest-growing product category in duty free sales
- New store openings and renovations fuel duty free sales growth.
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- Reliable duty free retail sales data globally for 2017 with forecasts for 2022 with information on largest and fastest-growing markets to inform market expansion and to manage risk - Explore an in-depth analysis of duty free retail sales data for major markets to identify target categories and develop growth plans
- Learn from duty free retail trends and market drivers to customize your entry/expansion approach depending on the duty free retail landscape
- Choose partners, understand the competition, with data and analysis of major duty free retailers, including market shares, trading performance, locations, travel retail strategy for each.