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Travel Retail – Affiliated
The proliferation of corporate entities in developing countries has led to a culture of “carrying expensive and luxury goods” among consumers.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, Aug. 23, 2022 /EINPresswire.com/ — A new report published by Allied Market Research, “Global Retail Market by Product Type, and Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028. The global travel retail market size is expected to reach USD 145.0 billion by 2028, registering a CAGR of 14.9% during the forecast period. The Perfumes and Cosmetics segment has a strong customer base in the global travel retail market. Leading companies such as Estee Lauder, L’Oréal, Ritual Cosmetics, Revlon and others are expanding their business by launching unique and unique fragrances and skin care products at international airports. That’s because billions of people travel globally every year, spending money and time at airports. The travelers will have plenty of free time at the airport to browse and shop. In addition, travel retail creates more visibility for their products, which attracts the attention of new customers in different countries and increases the brand loyalty of existing customers.
Development of the travel and tourism industry, rapid urbanization and changes in lifestyle with increasing disposable income of consumers will fuel the growth of the travel retail market. Additionally, the rise of travel and tourism or international tourist arrivals in emerging economies such as Asia-Pacific and LAMEA is expected to create viable opportunities for the global travel retail market. However, unorganized domestic markets and strict regulations in airport retail will hinder the growth of the travel retail market.
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The wine and spirits segment is the second largest revenue contributor in the global travel retail market. The consumption of wine, especially luxury wines and spirits, has grown tremendously over the past few years. Wine and spirits have a 15.9% share of the total travel retail market. It has also been observed that luxury wines and spirits are highly preferred by international travelers, which will lead to growth in demand for the travel retail market. Long-haul travelers often prefer wine and spirits. Also, the culture of purchasing luxury goods and the growth in the consumption of expensive wines and spirits will drive the trends in the travel retail market.
Asia-Pacific is the largest travel retail market in the world, and is growing rapidly due to improvements in living standards, rising disposable incomes, improved lifestyles and the growth of the tourism industry.
In addition, Europe is one of the largest travel retail markets based on strong luxury brands. The fast travel retail market is expected to grow at a CAGR of 7.2% during the forecast period. The region has some major apparel and cosmetics brands, including LVMH from France and H&M from Sweden, which account for a large share of the luxury apparel, perfume and cosmetics sector, making it the second largest travel retail market. Affluent tourists from the Middle East, China, the US and Russia contribute significantly to the growth of the European retail market. As the historic home of most luxury brands, the European market is worth nearly $23 billion in the travel retail sector.
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The main findings of the study
By channel, the airports segment accounts for the highest market revenue in 2020, and is projected to grow at a CAGR of 14.9% during the forecast period.
By channel, the border, downtown and hotel stores segment is expected to grow at the highest CAGR of 14.7%.
By product, perfumes and cosmetics will account for more than 31.5% of the travel retail market in 2020 and are expected to dominate the global market by 2028.
By product, the luxury goods segment is expected to grow at the highest CAGR of 19.4% during the forecast period.
Regionally, China was the major shareholder in the Asia-Pacific travel retail industry, with a share of 41.1% in 20207.
Key players in the travel retail market have focused on expanding their business in developing countries by adopting various strategies such as acquisitions and tie-ups/deals. Major players profiled in this report 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), and The Naunace group.
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David Correa
Union Analytics LLP
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