Global airport retailing sales reached US$40.0 billion in 2017 and sales are projected to register a CAGR of 7.9% during 2017-2022, with sales forecast to grow by US$18.4 billion reach US$58.4 billion by 2022.
Asia-Pacific will continue to dominate the travel retail market and produce the greatest growth over the next five years. It will grow by US$10.8 billion to US$27.6 billion, accounting for 63.8% of the incremental growth in the market between 2017 and 2022. Additionally, development of new and existing airports will add more retail space, which is a key factor contributing to growth in airport retailing globally.
With the onset of growing demand for online services, the retailers and operators are expanding their e-commerce presence.. They are adopting various omni-channel strategies to reap the benefits of growing demand for online duty free purchases, especially among tech-savvy and time-conscious millennial travelers so they can engage with them before they even visit the airport. To provide an end to end shopping experience airports and operators have launched home delivery services for shoppers who buy from their sites or in the airport.
Airport retailers are increasingly introducing innovation and upgraded technology in airside stores. There is growing use of digital signage, interactive mirrors, artificial intelligence and virtual reality to provide an immersive experience for shoppers with increasingly higher expectations of their shopping and travel experiences.
"Global Airport Retailing 2017-2022", report provides a detailed analysis of both the historic and forecast market data of global airport retail sales covering all sales through retailers specialized in the sale of tax and duty free goods. These include general duty free stores stocking the traditional duty free ranges of perfume, cosmetics, spirits, and tobacco, as well as tax free boutiques operated by fashion and luxury brand specialists.
This report also covers sales of retailers selling products on a tax and duty paid basis, in areas accessible to non-travelers as well as ticket holders. The report also details key airport retailers globally with their product proposition analysis and market positioning in 2017 along with recent key developments. In-depth analysis of the latest trends in airport retailing, covering the factors driving global airport retailing, consumer insights, market dynamics globally.
- Global airport retailing offers strong growth opportunities for retailers over the next five years
- Asia- Pacific, the largest, fastest growing region, will deliver 60% of the incremental growth in the market
- Travel retailers collaborating with airports and expanding business into new territories
- E-commerce and m-commerce are emerging as the key driving force behind sales growth
- Growing use of robotics at airports and travel retail stores
- Extensive use of technology and innovation in airside stores
- Beauty continues to dominate travel retail sales.
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- Understand the fastest-growing categories in the market with insights on the performance of product categories in airport retailing from 2015 to 2017.