Published on : Jan 30, 2017
ALBANY, New York, January 30, 2017: The report offers an in-depth analysis of the global duty-free retailing market. It states that during the period 2017-2021, this market will escalate at a CAGR of 8.56%. The report, titled ‘Global Duty-Free Retailing Market 2017-2021’, focuses on the current development of the duty-free retailing market and its future growth prospects. The report provides an overview of the market landscape and key vendors active in the market.
Globalization and numerous airlines offering cheap deals on air fares have increased the flow of air travelers. High income growth is also enabling the population to travel often within the country or overseas. To cater to a large number of travelers and provide them with premium products, duty-free stores are increasing by the dozen.
The duty-free retailing market, though small, is immensely dynamic and is a revenue generating market for spirits, beauty products, and the tobacco industry. Duty-free retailers enjoy the exemption from certain local and national taxes and duties because they sell goods to international travelers. Operating at international airports, train stations, border towns, seaports, and onboard aircraft and ships, these retailers offer products such as cosmetics, cigarettes, chocolates, alcohol, perfumes, electronics, and accessories. The duty-free retailing market is projected to witness a steady growth in terms of numerous players ready to penetrate the market, successively making the market more competitive in the near future.
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There are various factors that lead to the growth of the market. To provide the best and exclusive goods to travelers, duty-free retailers offer premium products to be ahead in the game. In addition, the market is on an upswing due to the exemption of excise duties, attracting retailers to invest in the market. However, the only hindrance is less focus on shopping at various travel points. The best of duty-free retailers miss out on more footfall due to busy schedule of travelers or less time spent at the airport.
The global duty-free retailing market can be segmented on the basis of geographical regions into the Americas, Asia Pacific, Europe, and MEA. According to the report, Asia Pacific accounts for the highest growth rate. Owing to the growth in infrastructure and competition for designing and offering best airport experience to their travelers, this region is doing exceptionally well and has been contributing significantly to the market growth. Subsequently, increase in the number of travelers and augmented purchasing power of consumers in this region is expected to lead the market for duty-free retailers in the future as well.
The significant players in the global duty-free retailing market include Dufry, Lagardre, Lotte Shopping, LVMH, Aer Rianta International (ARI), Dubai Duty Free, and The Shilla Duty Free.
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