The continuous and hasty growth of travel and tourism globally is a major component in boosting the market's growth. People's living standards are rising due to rising disposable incomes, improved lifestyles, and developing corporate cultures. In recent years, railway stations have grown considerably, which feature several branded shops with a huge range of goods such as apparel and accessories for both men and women and sportswear, which expands the market growth.
Data Bridge Market Research shows that the Global Travel Retail Market was valued at USD 53.82 billion in 2021 and is expected to reach USD 154.50 billion by 2029, registering a CAGR of 14.09% during the forecast period of 2022-2029.
" Increasing Development of Railway Stations Surge the Market Growth"
In the last few years, railway stations have grown considerably. For instance, the King's Cross station in London built an expansive bar restaurant with oak floors and antique leather sofas to accommodate travelers. The station also includes several branded shops with a huge range of goods, including apparel and accessories for both men and women, and music stores with audio equipment, CD and vinyl, sportswear, accessories, and others. These elements lead to expanding the travel-related retail sector at railroad stations. Thus, this factor boosts market growth.
What restraints the growth of the Global Travel Retail Market?
" High Expenditure Involved In International Trips"
Various retail goods have brands labeled on them. They are thus expensive goods of a very high caliber. This feature allows market players to charge more for travel-related goods, which reduces demand from lower-income traveler groups. Furthermore, a barrier to acquiring goods is created by a lack of knowledge among consumers about new product launches and upgrades, which restricts market expansion. All these major factors impede the growth of the market.
Segmentation: Global Travel Retail Market
The global travel retail market is segmented on the basis of product, distribution channel, sector and end users.
- On the basis of product, the travel retail market is segmented into perfume and cosmetics, wine and spirit, electronics, luxury goods, food, confectionery and catering, tobacco, and others.
- On the basis of distribution channel, the travel retail market is segmented into airport, cruise liner, railway station, and border, downtown, and hotel shop.
- On the basis of sector, the travel retail market is segmented into duty-free and duty paid.
- On the basis of end user, the travel retail market is segmented into children (less than 18 years old), youth (18-30 years old), middle-aged (18-59 years old), the elder (greater than 60 years old)
Regional Insights: North America is expected to dominate the Global Travel Retail Market
North America dominates the market due to increased tourist destinations, tourist expenditure, increasing disposable income, and the increased flux of international travelers. The region's growth is also because of the growing millennial population base.
Asia-Pacific is expected to grow in 2022-2029 due to several factors, such as the traditional infrastructure and the rising travel and tourism industry, particularly in China and India. Also, rising per capita income combined with an improved standard of living is boosting the market's growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/fr/reports/global-travel-retail-market
Recent Developments in Global Travel Retail Market
- In 2021, Using Amazon's Just Walk Out technology, the Hudson Group officially launched Hudson Nonstop location at Dallas Love Field Airport (DAL). Just Walk Out technology will help the customers to pick up items from a physical store, make purchases, and then check out.
- In 2021, Shenzhen Duty-Free Group collaborated with DFS and launched the first phase of a brand-new downtown duty-free shopping center in Haikou Mission Mills, Hainan. On May 7–10, 2021, the first China International Consumer Products Expo was set in Hainan, China, for a luxury lineup from DFS Group in several categories.
The Prominent Key Players Operating in the Global Travel Retail Market Include:
- KING POWER International. (Hong Kong)
- Aer Rianta International (Ireland)
- DFS Group Ltd. (Hong Kong)
- Dubai Duty Free. (UAE)
- China Duty Free Group Co.,Ltd. (China)
- Gebr. Heinemann SE & Co. KG (Germany)
- Duty Free Americas, Inc. (U.S.)
- HOTEL SHILLA CO., LTD. (South Korea)
- Flemingo. (India)
- J.R. GROUP (India)
- Qatar Duty Free (Qatar)
- 3Sixty Duty Free (U.S.)
- Dufry (Switzerland)
- Lagardere Group (France)
Above are the key players covered in the report, to know about more and exhaustive list of global travel retail market companies contact, https://www.databridgemarketresearch.com/fr/contact
Research Methodology: Global Travel Retail Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
