The journey retail market is estimated to achieve 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 gentle improve in retail gross sales in the course of 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 always. However, with the onset of the continued COVID-19 pandemic and the ensuing journey restrictions, among 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 embody:
– 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 total gross sales
– People touring for work in the course of the pandemic have considerably averted visiting retail shops at airports thereby, impulsive gross sales of leisure merchandise have taken successful
At a conservative progress forecast of about 4.1% in the course of the forecast interval, the journey retail market is anticipated to achieve US$ 51.78 Bn by 2021. Some of the components driving this estimated progress embody an uptick in worldwide journey submit 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 more likely to propel the market in upcoming years
In 2020, the perfumes & cosmetics section accounted for the most important market share and anticipated to keep up its dominance over the forecast interval. The wine & spirits and vogue & 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 very best CAGR in upcoming years owing to the growing demand for branded merchandise from Asia Pacific shoppers.
– 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 progress
– Leading manufacturers are aggressively on the lookout 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 contains of quantitative market estimations for every micro marketplace for each geographical area and qualitative market evaluation equivalent to micro and macro setting evaluation, market developments, aggressive intelligence, section evaluation, porters 5 power mannequin, prime profitable methods, prime funding markets, rising developments 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