LONDON--(BUSINESS WIRE)--The global duty-free retailing market is expected to post a CAGR of over 8% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the exemption of excise duty on premium products. The major sales in duty-free retailing are concentrated on luxury brands of fashion goods, accessories, hard luxury items, cosmetics, fragrances, and wines and spirits. In 2017, the fashion apparel and accessories, hard luxury goods, and electronics; and cosmetic and perfumes accounted for nearly 66% of the total revenue generated in the global duty-free retailing market.
This market research report on the global duty-free retailing market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the high growth rate of duty-free retailing in developing regions as one of the key emerging trends in the global duty-free retailing market:
Global duty-free retailing market: High growth rate of duty-free retailing in developing regions
In regions such as APAC, the rapidly growing tourism industry and increasing airport traffic has made it the fastest growing duty-free retailing market across the globe. In 2016, the number of international travelers in East-Asia and Pacific was recorded at nearly 284 million. In APAC, the international tourist arrival registered a growth of nearly 8% in 2016 as compared to 2015.
“The major contribution of almost 50% in the international tourist arrivals in APAC was by Northeast Asian countries. Apart from the growing tourism industry, there has been a significant growth in APAC countries and is attracting more international travelers,” says a senior analyst at Technavio for research on retail goods and services.
Global duty-free retailing market: Segmentation analysis
This market research report segments the global duty-free retailing market by product (fashion apparel and accessories, hard luxury goods, and electronics; cosmetics and perfumes; wines and spirits; tobacco; and confectionery and fine foods) and geographical regions (APAC, EMEA, and the Americas).
The fashion apparel and accessories, hard luxury goods, and electronics segment held the largest market share in 2017, accounting for nearly 36% of the market. This product segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 41% of the market share. The market share occupied by this region is anticipated to decrease by nearly 3%, during 2018-2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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