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    Duty-free Retailing Market, Size, Share, Opportunities and Forecast, 2020-2027

    (I-BusinessNews.Com, June 25, 2020 ) Market Overview
    • The Global Duty-free Retailing Market expected to grow at a CAGR of over 6% during the forecast period. The rising popularity of the travel and tourism industry is one of the primary factors in the global market.
    Duty-free shops (or stores) are retail outlets whose goods are exempt from the payment of certain local or national taxes and duties, on the requirement that the goods sold will be sold to travelers who will take them out of the country. The process of calculating the duty or refunding the duty component depends on which products can be sold duty-free vary by jurisdiction, as well as how they can be sold.
    • The report covers all the major trends and drivers playing a vital role in the growth of the Global Duty-free retailing Market. The Global Duty-free Retailing Market has been segmented based on region, type, and sales channel.

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    Market Dynamics
    • The Global Duty-free Retailing Market growth is primarily driven by rising Increasing number of low-cost airlines is leading to an increase in the number of tourists which is further driving the sales of several goods at duty free retail stores at diverse areas including airports, seaports and downtown stores.
    • The continued rise in the number of middle-class households and the solid growth in global consumer spending once again enabled the Travel & Tourism sector’s growth to reach 3.9%, outpacing the global economy for the eighth consecutive year. The USA, China, Japan, Germany and the UK were the top five markets in 2018, collectively representing 47% of the global Travel & Tourism GDP.
    • The International Air Transport Association (IATA) revealed that present trends in air transport suggest passenger numbers could double to 8.2 billion in 2037. Therefore, significant increase in number of air passengers is expected to drive the global duty-free retailing market over the forecast period.

    Market Segmentation
    • By type, the Global Duty-free Retailing Market has been segmented into Fashion apparel and accessories, hard luxury goods, and electronics; Cosmetics and perfumes; Wines and spirits; Tobacco; and Confectionary and fine foods. The Fashion apparel and accessories, hard luxury goods, and electronics segment accounted for the major shares of the Duty-free Retailing market owing to high value and demand for premium fashion apparel, and luxury goods. Moreover, Convenience provided by self-service solutions and online shopping services is resulting in more satisfied customers, thus impacting their loyalty toward airline services that allows them to purchase items via self-service stations. For instance, Reserve & Collect scheme by Dufry has been launched at Malta International Airport, allowing prospective travelers to browse through an online catalogue listing hundreds of items ahead of their travels through Malta International Airport.
    • By sales channel, the Global Duty-free Retailing Market is segmented into Airports, Onboard Aircraft, Seaports, Train Stations, and Others. In 2018, Airports segment accounted for the majority share in the global market. This is mainly due to huge footfall of travelers at airports. Moreover, travelers prefer shopping from duty free retail stores at airports owing to presence of a wide variety of products and being cheaper than traditional brand stores.

    Market Geographical Analysis
    • By geography, the Global Duty-free Retailing Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
    • In 2018, APAC dominated the Global Duty-free Retailing Market. In addition, China is the leading country in the region as well as globally. Most of the product demand in the Asia Pacific is fulfilled by China, India, South Korea, and Japan. This is mainly because of the increasing disposable incomes of people coupled with rising international tourism. Also, increased number of international students especially in China and India is another key factor driving the growth of this region. It is expected that China will displace the United States as the world’s largest aviation market (defined as traffic to, from and within the country) in the mid-2020s. Similarly, India will take 3rd place after the US, surpassing the UK around 2024 as the largest passenger markets.
    • North America held the second-largest market share in Global Duty-free Retailing Market. Several companies are partnering with duty tree stores to launch their limited or exclusive products, which is driving market growth. For instance, in February 2018, Lindt launched three new limited-edition chocolates exclusively for Dufry.

    Market Competitive Trends
    • Global Duty-free Retailing Market is fragmented with the presence of global and regional players in the market. Intense rivalry among top players in the market has started fierce competition at various levels for setting a low price, driving aggressive marketing strategies, and new and innovative product launches as per consumers’ preference.
    • Some major players in the market are Dufry, Lagardère Travel Retail, Lotte Duty Free, LVMH, Aer Rianta International (ARI), China Duty Free Group, Dubai Duty Free, Duty Free Americas, Gebr. Heinemann, JR/Group (James Richardson), King Power International Group (Thailand), The Shilla Duty Free, and among others.
    • In July 2019, Dufry signs 7-year contract to operate specialty stores at Helsinki Airport.
    • In October 2019, South Korea's Lotte Duty Free announced that it will take over DFS Group's liquor and tobacco stores at Changi Airport (Singapore), making it the first time a new operator will helm this key concession.

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    About Us
    DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.

    For more information:
    Sai Kiran
    Sales Manager at DataM Intelligence
    Tel: +1 877 441 4866

    DataM Intelligence

    Sai Kiran

    +1 877 441 4866

    Source: EmailWire.Com


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