Selbyville, Delaware Global Duty Free Retailing Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2027. Duty Free Retailing Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Duty Free Retailing market and provides information regarding the revenue for the period 2019 to 2027.
For the uninitiated, duty free retailing involves selling products to international travelers, wherein the retailers are exempted from certain local or national taxes. It is a substantial income source and offers several marketing opportunities. Duty-free retailing spaces appeals travelers with extra time to indulge in the ambiance and shopping experience of international duty-free products.
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As per the regional analysis, Asia Pacific garnered over half of global duty free retailing market share in 2018 and is slated to exhibit a strong CAGR over the forecast duration. Introduction of new air routes and growing accessibility of low-cost carriers are favoring the regional market expansion. In addition, increasing purchasing power among the middle-class population in developing economies is expected to present new growth prospects for the industry partakers in the coming years.
Global duty free retailing market is primarily driven by increasing travel & tourism across the globe, cites the report. Moreover, shifting focus among vendors towards digitalization of retail processes, integration of advanced technologies such as AR and VR to improve customer experience, and rising demand for duty-free luxury & premium products are expected to augment the industry growth.
Meanwhile, Europe, after APAC, was the second largest market in 2018. Presence of several tourist hotspot countries, in tandem with rich heritage and well-established luxury & premium retail chains across the region are fueling the industry growth in Europe. Increasing competitiveness among European players is another factor influencing the regional market growth. For instance, in 2017, Hellenic Duty-Free Shops, a subsidiary of Dufry, signed a contract with Fraport Greece for operating its retail services at 14 Greek airports for 30 years. In the following year, Dufry opened a new duty-free store at Norwich airport in an effort to improve passenger communication. On the contrary, in 2019, KLM Royal Dutch declared to stop sale of duty-free products on its European flights, hence negatively impacting the industry outlook.
Key players operating in global duty free retailing market are China Duty Free Group Co., Ltd., Aer Rianta International (ARI), Dubai Duty Free, Gebr. Heinemann, Duty Free Americas, King Power International Group, Shinsegae Duty Free, Lotte Duty Free, The Shilla Duty Free, Lagardère Travel Retail, LVMH, Dufry AG, and Hyundai Duty Free.
Questions & Answers: Global Duty Free Retailing Market
Q1: What are the key growth determinants of global duty free retailing market?
A: Global duty free retailing market is primarily driven by increasing travel & tourism across the globe.
Q2: How will Asia Pacific emerge as a leading contributor for global duty free retailing market?
A: Introduction of new air routes, growing accessibility of low-cost carriers, and increasing purchasing power among the middle-class population in developing economies will stage Asia Pacific as the leading contributor for duty free retailing industry.
Q3: Which are the major players in global duty free retailing market?
A: Leading industry players include China Duty Free Group Co., Ltd., Aer Rianta International (ARI), Dubai Duty Free, Gebr. Heinemann, Duty Free Americas, King Power International Group, Shinsegae Duty Free, Lotte Duty Free, and The Shilla Duty Free among others.
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