The journey retail market is estimated to succeed in solely US$ 33.43 Bn in 2020, registering a year-on-year decline of over 55%. However, with anticipated relaxations in journey restrictions from the beginning of 2021, the market can anticipate a gradual improve in retail gross sales through the forecast interval from 2020 to 2028.
With the market valued at US$ 74.31 Bn in 2019 and for the final 20 years, the journey retail market has grown consistently. However, with the onset of the continued COVID-19 pandemic and the ensuing journey restrictions, a few of the main airports witnessed a drop in worldwide passengers by about 90% for the months of March, April, and May 2020.
Thereby, retail gross sales within the international retail market took a big hit within the 1st half of 2020. Some of the important thing observations for worldwide journey within the 1st half of 2020 embrace:
– Major airports internationally witnessed a decline in passengers by about 60%
– Leading duty-free operators skilled a 55% to 65% fall in turnover
– Popular magnificence manufacturers noticed a decline of about 20% in general gross sales
– People touring for work through the pandemic have considerably averted visiting retail shops at airports thereby, impulsive gross sales of leisure merchandise have taken successful
At a conservative development forecast of about 4.1% through the forecast interval, the journey retail market is anticipated to succeed in US$ 51.78 Bn by 2021. Some of the elements driving this estimated development embrace an uptick in worldwide journey publish COVID-19 restrictions, journey retailers adopting digital applied sciences to drive on-line gross sales, and promotional actions deliberate by main retailers.
Growing demand for perfumes & cosmetics sub-segment by product class kind is prone to propel the market in upcoming years
In 2020, the perfumes & cosmetics section accounted for the most important market share and anticipated to take care of its dominance over the forecast interval. The wine & spirits and trend & equipment section adopted the perfumes & cosmetics section with a considerable market share within the base 12 months 2021. Furthermore perfumes & cosmetics section anticipated to witness the best CAGR in upcoming years owing to the rising demand for branded merchandise from Asia Pacific customers.
– Airport section anticipated to dominate the journey retail market by gross sales channel all through the forecast interval
– Growing demand from the Asia Pacific projected to catapult the market development
– Leading manufacturers are aggressively searching for digital platforms
Historical & Forecast Period
This examine report represents evaluation of every section from 2020 to 2030 contemplating 2021 as the bottom 12 months. Compounded Annual Growth Rate (CAGR) for every of the respective segments estimated for the forecast interval of 2022 to 2030.
The present report includes of quantitative market estimations for every micro marketplace for each geographical area and qualitative market evaluation corresponding to micro and macro atmosphere evaluation, market tendencies, aggressive intelligence, section evaluation, porters 5 power mannequin, high profitable methods, high funding markets, rising tendencies and technological evaluation, case research, strategic conclusions and suggestions and different key market insights.
Companies Mentioned
– Aer Rianta International (ARI)
– China Duty Free Group (CDFG)
– DFASS Group
– DFS Group
– Dufry AG
– Gebr. Heinemann SE & Co. KG
– King Power International Group
– Lotte Group
– Lagardère Group
– The Naunace Group
– The Shilla Duty