Travel retail refers to sales made in travel environments where customers require proof of travel to access the commercial area, but which are subject to taxes and duties.Duty-free & travel retail generates vital revenues for the aviation, travel, tourism, and maritime industries. It is a multi-billion-dollar market, that’s set to grow at unprecedented levels.Part of this can be attributed to a substantial rise in people’s incomes, brought about by a growing economy. The real reason for this transformation, however, has been a fundamental change over the years in making purchases while on the go.
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Market Dynamics
An increase in demand for air travel, development of the tourism industry, and rapid growth in urbanization are the key factors for the market growth.Every year, over 1 billion people travel internationally, which is over 15% of the global population, and with the recent upturns in the economy, passenger numbers are expected to increase even further, especially in emerging countries like China.Moreover, the increase in travel & tourism or international tourist arrivals in emerging economies, such as Asia-Pacific and LAMEA is expected to increase the demand for the air travel retail market.The rapid growth in urbanization changes in lifestyle has increased the need for travel retail due to the increased international travel. This created an incentive for the development of the tourism industry in many developing countries. Further, many countries support tourism as the major factor for development.Moreover, the rise in travel & tourism has intensified the demand for apparel, cosmetics, food items, and electronics retailers in the travel retail market.
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Segment Analysis
Perfumes and Cosmetics held the largest share in the year 2018. The retail stores involved in the Perfumes & Cosmetics segment include high-end brands such as Chanel, Christian Dior, Estée Lauder, Guerlain, Givenchy, Lancôme, Shiseido, SK-II, YSL, and many more in their product portfolio. The Perfumes & Cosmetics segment focuses on luxury, super service, convenience, and premium quality of products.The brand-conscious consumers are also focused on value-for-money end-products, with special attention on luxury and super-premium fragrances, contemporary classics, and lifestyle and sports fragrances. In September 2018, perfume house Atelier Cologne announced plans to introduce its airport retail concept in late 2018, with new openings planned for Paris, Munich, Beijing, New York, and Los Angeles before the end of the year.On the basis of the distribution channel, the market for global travel retail is segmented into airports, cruise liners, railway stations and border, downtown, and hotel shops. Currently, Airports is the dominant sub-segment and it accounted for approximately 57% of the market in 2018. The travel retail market in the airports is continually evolving by the changing consumer behavior, enhancement of technology, and rise in the demand of consumers.
Competitive Landscape
Major market players are AerRianta International Cpt, China Duty-Free Group Co Ltd, DFS Group, Dufry AG, Duty-Free Americas, Inc, Gebr. Heinemann SE & Co. KG, King Power International Group Co Ltd, Lotte Duty-Free Jeju Co Ltd., Lagardere Travel Retail SAS, and The Shilla Duty-Free.
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