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Global Travel Retail Market Size to grow by US$ 102.1 Bn in 2030.

The Travel Retail Market was valued at USD 52.5 Bn in 2021. The market is projected to grow USD 102.1 Bn in 2030

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The demand for apparels, cosmetics, food, and electronics in the travel retail industry has increased as a result of the growth in travel and tourism. In addition, significant drivers for the growth of the travel retail market during the projection period include an increase in urbanisation and changes in lifestyle. Additionally, improving economic conditions and an increase in middle-class disposable income both significantly contribute to the market's expansion. Additionally, elements like technical developments support the market's expansion. The development of the potential travel retail market opportunities would be hampered by unstructured local marketplaces and stringent government rules connected to airport retailing. Additionally, the industry is anticipated to develop as the population of millennials rises.


People's living standards are rising as a result of rising disposable incomes, bettering lifestyles, and developing corporate cultures. The "carrying expensive & fancy things" culture has become more widespread among customers as a result of the growth in corporate entity proliferation in emerging countries. Consumers now view luxury product ownership as a sign of social status. As a result, by 2025, the travel retail industry's luxury goods section is predicted to increase at the quickest rate.


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The goal of travel retailers is to improve the customer experience across all distribution channels, including airport and ferry stations. The improvement of industry processes brought about by digitalization has the potential to increase revenues for retailers. Passengers can use digital technologies to facilitate the boarding and check-in processes. Therefore, travel businesses are increasingly utilising this technology to draw customers inside and keep them interested throughout their travels while offering a seamless shopping experience.


The pandemic's stringent lockdowns had a negative effect on market expansion. The global prohibition on air travel during the most severe pandemic waves has had an impact on market expansion. The sector has managed to stay afloat thanks to an increase in air travellers and the restart of commercial air travel. However, in the upcoming years, it is anticipated that the need for personal protection items like gloves, face masks, and sanitizers would increase along with air travel.


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The duty-free segment has dominated the market share in 2020 of global travel retail market owing to the increased interest of females and millennials in internationally recognized brands that are challenging to find in their home countries, the cosmetics sector has a significant market share. The cosmetics segment has dominated the market share in 2020 of global travel retail market owing to improve their sales channel, cosmetic corporations like L'Oréal, Estee Lauder Inc., and others increasingly concentrate on selling their goods through duty-free shops. The segmented rise of duty-free will be fuelled by such a factor. The airport segment is dominated the market share in 2020 of global travel retail market owing to grow as more people will travel by air as a result of reduced airfares and rising living levels. The development of the retail sector in this market has also been boosted by attempts made by various airports to increase revenue from non-aeronautical resources.


Asia Pacific region is dominating the market share of global travel retail market owing to large number of local and international tourists who spend money on duty-free goods in China, India, and South Korea. Companies in the Asia Pacific region, like MakeMyTrip, Yatra, and others, have adopted low-cost travel packages to increase client booking rates, creating new growth potential for the travel industry.


Key Developments:


February 2021- Hudson Group launched Amazon One, a technology-enabled store at Dallas Love Field Airport (DAL), to offer an enhanced in-store shopping experience to the users.


December 2021- Servy partnered with Inflyter to develop an e-commerce platform that provides a digital shopping experience to travelers at airports.


Read More Details On This Report: https://extrapolate.com/Retail/Retail/25965

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