LONDON--(BUSINESS WIRE)--The global duty-free retailing market is expected to grow by USD 53.50 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The increase in sports, leisure, and international and domestic business trips is accelerating the number of airport visitors. The growth in international tourist arrivals is leading to an increase in footfalls at the duty-free stores in airports. As a result, the sales of duty-free retailing market in developing regions are increasing. Furthermore, the offline and online distribution channels in developing countries are expanding due to growth in the middle-class population and growing global urbanization and per capita income. Thus, the high growth rate of duty-free retailing in developing regions will boost the growth of the market during the forecast period.
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As per Technavio, the exemption of excise duty on premium products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Duty-Free Retailing Market: Exemption of Excise Duty on Premium Products
The impulse buying behavior of travelers is propelling the purchase volume of confectionery and fine foods. The demand for premium products is also increasing due to the availability of products for gifting purposes, attractive promotions, and value for money products. Ferrero, Lindt, Nestlé, Mondelēz, and Mars are some of the popular leading brands of premium chocolates offered in duty-free retail outlets. LVMH, Lagardère group (Lagardère), Lotte Shopping, Dufry, and Dubai Duty Free are some of the key retailers offering products in the confectionery and fine foods segment. Thus, the exemption of excise duty on premium products is expected to showcase a positive outlook during the forecast period.
“The growing number of retail stores offering duty-free products and high penetration of global brands are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Duty-Free Retailing Market: Segmentation Analysis
This market research report segments the duty-free retailing market by product (fashion apparel and accessories, cosmetics and perfumes, tobacco and alcoholic beverages, and confectionery and fine foods), distribution channel (airports; border, downtown, and hotel shops; and others), and geography (APAC, Europe, North America, South America, and MEA).
In 2019, APAC led the market due to the widespread presence of duty-free retail stores across the region coupled with high inbound and outbound travelers. The key contributing countries in the duty-free retailing market in APAC include South Korea, China, Hong Kong, Singapore, and Thailand.
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Some of the key topics covered in the report include:
- Fashion Apparel and Accessories
- Cosmetics and Perfumes
- Tobacco and Alcoholic Beverages
- Confectionery and Fine Foods
Distribution Channel Segmentation
- Border, Downtown, and Hotel Shops
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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