Global Duty-free Retailing Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- November 21, 2022
- CONSUMER GOODS
- Duty-free Retailing Market, Duty-free Retailing Market Growth, Duty-free Retailing Market Share, Duty-free Retailing Market Size, Duty-free Retailing Market Trends
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Duty-free retailers are those who sell goods to visitors from other countries while being exempt from some local and federal taxes and levies. However, taxes could be applied if the buyer reaches his or her destination nation or the price or number of goods exceeds specific thresholds. These merchants can be found in international airports, border towns, seaports, train stations, and even inside aircraft and ships. Along with smokes, chocolates, electronics, and accessories, there are also perfumes, cosmetics, and alcohol for sale.
The Duty-free Retailing Market is expected to grow at a steady rate of around 8% owing to the rising awareness about health and hygiene among end-users. Rising disposable income, supporting government actions to help the travel and tourism industry, ongoing expansion in the travel and tourism industry, together with the integration of several categories like infrastructure and hospitality, are some of the key drivers of market revenue growth of the global duty-free retailing. Moreover, the global middle-class population expansion is predicted to be supported by low-cost travel packages provided by different travel package providers is also acting as a growth catalyst to the industry.
Based on product, the market is segmented into alcohol & spirit, tobacco & cigarettes, fashion & accessories, personal care & cosmetic, watches & jewelry, and others. The personal care & cosmetics segment grabbed the major market share and dominate the market in 2020. The segment is predicted to grow due to passengers preferring expensive items which are available at a considerably lower price due to the exemption of the excise duties at various areas. Customers preferring cosmetic and personal care products for their personal care or for gifting someone is also predicted to drive the growth of the segment in the forecast period.
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On the basis of distribution channel, the market is categorized into airport, seaport, onboard, and others. Among these, the airport segment grabbed the major market share and dominated the market in 2020. The airport has become one of the major places for companies to showcase and promote awareness about the brand to their customers. The airport distribution channel also provides immense scope for retail outlets to reach customers due to the flexibility in the prices which are offered. Due to the abovementioned reasons the duty-free retailing market airport distribution channel segment is projected to grow over the forecast period.
For a better understanding of the market adoption of the Duty-free Retailing industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia-pacific region dominated the market and grabbed major market share in 2020. However, the Europe region is expected to witness the highest CAGR during the forecast period on account of the rise in the number of international tourists and cost-efficient airlines across the region.
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Some of the major players operating in the market include LVMH, Duty Free Americas Inc., SHINSEGAE INTERNATIONAL, Aer Rianta International, Dubai Duty Free, China Duty Free Group Co. Ltd., Lotte Group, Dufry AG, Hyundai Department Store Group Co. Ltd., and Lagardère SA.
Global Duty-free Retailing Market Segmentation
Market Insight, by Product
- Alcohol & Spirit
- Tobacco & Cigarette
- Fashion & Accessories
- Personal Care & Cosmetic
- Watches & Jewelry
Market Insight, by Distribution Channel
Market Insight, by Region
- North America
- The United States
- Rest of North America
- The United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Duty Free Americas Inc.
- SHINSEGAE INTERNATIONAL
- Aer Rianta International
- Dubai Duty Free
- China Duty Free Group Co. Ltd.
- Lotte Group
- Dufry AG
- Hyundai Department Store Group Co. Ltd.
- Lagardère SA