Travel Retail Market, By Channel, Share 2021

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Travel Retail Market, By Channel, Trend
Analysis, Competitive Market Share
Forecast, 2021-2027
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Travel Retail Market - Industry Trends Forecast
Report 2027 A study, recently conducted by the
strategic consulting and market research
firm BlueWeave Consulting revealed that travel
retail market was worth USD 54.3 Billion in the
year 2020. According to the study, the market is
estimated to grow at the CAGR of 14.2 , earning
revenue of around USD 136.8 Billion by the end of
2027. The growing number of international
travelers is driving global travel retail market.
Additionally, the growing middle-class population
and the variety of affordable travel options in
developing countries are anticipated to fuel
market growth. Also, technological advances and
the emergence of high-end retail chains will help
drive retail travel growth in the next few
years.
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Growth Drivers  Immense Business
Opportunities Travel retail is known as the
global platform for business growth and
innovation. It offers immense business
opportunities to high-end brands as well as small
and medium organizations. Small and medium
enterprises (SMEs), which are considered the
backbone of an economy, can benefit greatly from
travel retail. SMEs can use travel retail as a
solid platform for displaying their products to
international tourists at minimal advertising
costs. Travel retail provides retailers with
fantastic opportunities to promote their
products, strengthen customer loyalty, and
attract new customers from foreign countries.
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Restraints  One of the challenges confronting
the global travel retail market is customers
lack of interest in purchasing at airports.
However, distribution channels are taking every
possible measure to provide value to passengers,
improve their travel experiences, and stimulate
the economy. Despite the fact that many
corporations work with duty-free retailers to
offer limited or exclusive products, growth at
these stores is likely to be limited due to a
lack of promotion campaigns and high product
pricing.
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Impact of COVID-19 in industry The duty-free and
travel retail market was hit hard in 2020 like
most of other industries due to the sudden fall
in tourism amid the COVID-19 pandemic and the
nationwide lockdown enforced by different
countries. SMEs in particular have also been
severely impacted, especially since many of them
are heavily dependent on airport sales. The
tourism sector has already felt the negative
impact of the pandemic on its performance much
earlier. Globally, travel restrictions and
measures started as early as January 2020.
Domestic and international tourists limited their
travel due to fear of contracting COVID-19, which
reduced the number of domestic and international
customers for this retail channel. As a result of
low customer traffic, many leading duty-free
retailers had to cut back their store hours at
downtown and airport locations.
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Regional Insight Based on regions, the global
travel retail market is segmented into North
America, Latin America, Europe, Asia Pacific,
Middle East, and Africa. The Asia-Pacific region
dominates the market in terms of revenue and is
expected to maintain its supremacy over the
forecast period. In emerging Asian countries,
particularly China, the rising middle-class
population and the booming travel and tourism
sector will likely boost the market. Many stores
in the APAC region align their strategies and
products to meet the needs of Chinese travelers.
In developing countries, rising living standards
and higher consumer disposable income levels
drive market development.
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Competitive landscape Key players in the global
travel retail market are DFS Group, Dufry, LS
travel retail, Lotte Duty Free, King Power
International Group, The Shilla Duty Free, Gebr,
Heinemann, China Duty Free Group (CDFG), Aer
Rianta International (ARI), The Nuance Group, and
other manufacturers. Sample copy
https//www.blueweaveconsulting.com/report/global
-travel-retail-market/report-sample
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