Shopping Tourism Market is estimated to Witness High Growth Owing...

Shopping Tourism Market is estimated to Witness High Growth Owing to Rise in Disposable Income

Posted 2024-09-12 07:26:20

332

The shopping tourism market involves travel and tourism activity generating revenue through shopping experiences. Shopping tourism allows travelers to explore exotic destinations while gaining memorable experiences of different cultures through their shopping activities. Retail therapy forms an important element of shopping trips that provide mental relaxation to tourists. Rapid urbanization and growth of middle-class population have increased discretionary spending on shopping tourism globally.

The global shopping tourism market is estimated to be valued at US$ 267.21 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031. Key Takeaways

Key players operating in the shopping tourism market are Japan Deluxe Tours, Trafalgar Tours, EF Educational Tours, The Shopping Sherpa, Luxury Escapes, Costco Travel, AAA Vacations, Travel + Leisure, Context Travel, Intrepid Travel, Tauck Tours, Backroads, Country Walkers, G Adventures, World Expeditions, AdventureSmith Explorations, Esquire Travel, and Abercrombie Kent. Secondly, emerging markets in Asia Pacific and Middle East regions offer significant opportunities for shopping tourism owing to rising affluence. Countries like Thailand, United Arab Emirates, and Malaysia have become popular destinations for shopaholics.

Additionally, growing globalization and online retailing have expanded opportunities for cross-border and intercontinental shopping trips. Tour operators are launching customized shopping tour packages leveraging the popularity of duty-free shopping hubs worldwide.

Market Drivers

Shopping Tourism Market Demand Rise in disposable income among middle-class households is a key driver for the shopping tourism market. Increased discretionary spending on non-essential shopping experiences abroad has gained popularity. Furthermore, advancements in internet and digital technologies have enabled easier research and planning of shopping trips globally. Social media marketing by tourism boards and travel communities online has promoted various exotic shopping destinations worldwide.

Get More Insights On, Shopping Tourism Market

Explore More Article On, Slimming Cream Market

For More Insights Discover the Report In language that Resonates with you

· French

· German

· Italian

· Russian

· Japanese

· Chinese

· Korean

Portuguese