The Global Shopping Tourism Market will grow at highest pace owing...

The Global Shopping Tourism Market will grow at highest pace owing to increasing demand

Posted 2024-05-16 12:09:17

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The market is likely to witness renewed growth propelled by pent up demand for experiential trips and shopping adventures. Tourism boards and retailers are launching innovative campaigns and offers to revive shopping tourism. Digital transformation of retail ecosystem and emergence of virtual/hybrid shopping experiences will support market expansion in the long run. Also, focus on hygiene, flexibility in booking policies and travel insurance coverage will aid recovery.

Europe witnessed Shopping Tourism Market Trends largest concentration of shopping tourists in terms of value pre-pandemic. Countries like France, Italy, UK attracted shoppers from across North America and Asia Pacific through their renowned fashion brands, cosmetics, luxury goods and shopping streets. However, strict lockdowns and mobility restrictions in 2020 led to near halt in shopping activities across major European nations. With lifting of bans since mid-2021 and progress on vaccination, shopping tourism is showing initial signs of rebound led by domestic travelers. Introduction of vaccine passports is also supporting revival of cross border shopping trips. Major shopping cities like Paris, London, Rome, Barcelona that relies heavily on international footfall will take longer to gain back pre-crisis revenue levels.

In terms of fastest growth, Asia Pacific shopping tourism market is anticipated to showcase positive momentum especially China and Southeast Asian countries in mid-term. Before pandemic, many Chinese consumers undertook frequent short-haul shopping trips to Hong Kong, Thailand, Japan, South Korea to buy international brands at competitive prices. Countries like China, Japan, South Korea have gained control over coronavirus spread much faster by implementing strict measures. This has enabled restart of domestic tourism at initial levels. Rising middle class, digital and retail infrastructure in the region will accelerate shopping tourism expansion in Asia Pacific compared to developed Western markets in coming years.

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