Travel retail is commonly known as duty free method of sale of goods in different product categories. This mode of sale involves lack of taxation on the sale of goods as they are designed for travelers as they will consume the products outside the region of sale, therefore taxes of the region of sale is not levied. This mode of sale also limits the quantity of goods being purchased by a particular individual, they are not permitted to consume more than a particular volume of good deemed permissible.
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The main factors behind the growth of the market are:
The market is segmented on the basis of product type as perfume & cosmetics, wine & spirits, electronics, fashion & accessories, luxury goods, food, confectionaries & catering, tobacco, others; sales channel as airport, cruise liner, railway station, border, downtown, hotel shops, others.
Some of the key market developments are as follows:
“According to Data Bridge Market Research, global travel retail market is expected to reach USD 146.53 billion, growing at a substantial CAGR during the forecast period of 2019 to 2026”
Some of the major players operating in the market are Aer Rianta International; DFS Group Ltd.; KING POWER International; DubaiDutyFree.com; China Duty Free Group Co.,Ltd.; Gebr. Heinemann SE & Co. KG; Dufry; Duty Free Americas, Inc.; Lotte Duty Free; Lagardère Travel Retail; THE SHILLA DUTY FREE; Flemingo; JR/Group; Qatar Duty Free; 3Sixty Duty Free among others.
The major focus of travel retail companies currently is the expansion of their presence in geographical areas such as Asia-Pacific, Latin America and Middle East & Africa. These regions are experiencing a high volume of individuals and passengers travelling from and towards this region. This presents the players with an opportunity to enhance their revenues by providing consumers of these regions with products and components in a travel retail form.
Global Travel Retail Market – Industry Trends and Forecast to 2026