North America held a substantial market share of 32.3% in the Global Airport Retailing Market,Within this region, the United States serves as a significant hub, driving steady growth in airport retail sales during the forecast period.
Both the United States and Canada have experienced a transformation in their airport shopping halls, becoming vital tourist hubs in recent times. Following the pandemic, there has been a notable surge in tourists and travel in this region, leading to an escalation in airport retail sales.
The United States, in particular, has witnessed a remarkable increase in both domestic and international travel, which has significantly contributed to the growing demand for airport retail services. Travelers are now seeking convenient shopping experiences, access to luxury brands, and personalized services at airports, creating new opportunities for the airport retail industry in North America.
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According to Future Market Insight, the Global Airport Retailing Market is likely to reach US$ 90.23 billion by 2033, registering a CAGR of 11.7%. This is a considerable increase from its projected value of US$ 29.84 billion in 2023.
Airport retailing has become essential in modern airports. It provides a huge selection of goods and services. Its primary goal is to provide convenience and enjoyment for travelers. Additionally, it serves as a potent marketing tool for businesses. It contributes significantly to the economic success of airports, especially those with low-cost airline operations.
The global increase in air travel has resulted in a substantial rise in passengers passing through airports. This significant passenger traffic surge provides airport retailers with a vast customer base. Consequently, it opens up expanded opportunities for sales and revenue generation.
Airport retailing covers a wide range of retail products found within airports. These include luxury brands, duty-free items, and local specialties. These products include jewelry, books and magazines, gifts and crafts, apparel and accessories, convenience stores, wines, spirits, perfumes, cosmetics, tobacco goods, electronics, food, and beverage. Its purpose is to enhance convenience for travelers. Airport retailing not only caters to the needs of travelers but also provides a convenient shopping option for tourists.
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Airport retailing also brings benefits to businesses. It offers brands a valuable marketing platform to reach a diverse and international audience. It boosts their visibility and increases brand recognition. Airport retailing creates a mutually beneficial partnership between airports and retailers. It fosters economic growth and enhances the overall attractiveness of airports as travel hubs.
The rise of e-commerce and digital technology has profoundly impacted the airport retailing market. Airports are increasingly embracing digital solutions to enhance the shopping experience for travelers. These solutions include online pre-ordering, mobile apps, and self-checkout systems. The implementation of these digital initiatives enables retailers to reach a wider audience.
Duty-free shopping remains a significant attraction for travelers. The term “duty-free” refers to products available at airports that are exempt from national taxes, duties, and certain local taxes. Airport retailers leverage duty-free regulations to provide competitive pricing. This appeals to customers who are seeking deals and savings. Travelers moving between countries primarily purchase duty-free items like liquors, tobacco, perfumes, fashion, and electronics.
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Airports are also embracing the excitement of pop-up stores and temporary retail activations. By offering limited-time opportunities, airports create a sense of urgency and exclusivity, captivating customers’ interest and encouraging spontaneous purchases. Furthermore, airports are introducing experiential retail concepts, such as beauty consultations and product trials, elevating the overall shopping experience to new heights.
Key Takeaways from the Airport Retailing Market:
- The airport retailing industry in the United Kingdom is anticipated to rise, exhibiting a CAGR of % through 2033.
- The United States held a 28.4% share of the global airport retailing industry in 2022.
- With a CAGR of 15.8% over the forecast period, India is predicted to develop rapidly in the airport retailing industry.
- In 2022, Japan had a 5.3% share of the airport retailing industry globally
- The airport retailing industry in China is expected to increase, registering a CAGR of 13.5% over the forecast period.
- Germany accounted for 5.6% of the global airport retailing industry in 2022.
Competitive Landscape in the Airport Retailing Market
Key airport retail industry players are implementing various strategies to enhance their market position and drive growth. A few of these strategies are:
- Demonstrating their commitment to customer convenience by opening new retail outlets in airports worldwide
- Embracing diversity by offering a broad range of products to cater to the unique preferences of travelers
- Engaging with customers through personalized marketing initiatives and social media campaigns
- Expanding into duty-free and luxury segments to provide an unparalleled shopping experience
- Forming strategic partnerships with renowned brands and retailers to enhance product selection and customer experience
- Implementing innovative technologies to streamline the shopping experience
- Prioritizing sustainability by incorporating eco-friendly practices
Recent Developments by Key Players
In May 2022, Gebr. Heinemann and Highsnobiety formed the joint venture GATE ZERO. This partnership combines Travel Retail expertise and global reach. It all started with a pop-up store by Highsnobiety at Zurich Airport. Now, it has evolved into a long-term partnership between the two companies.
In March 2019, Mydutyfree and Mumbai Duty Free, operated by Flemingo, announced a partnership. Mydutyfree offers a click-and-collect service for traveling shoppers. The collaboration aims to increase the visibility of Flemingo’s locations among Mydutyfree’s audience in Eastern Europe and the Middle East. The partnership aims to enhance the shopping experience for travelers in these regions.
Key Segments of the Airport Retailing Market
By Category:
- Fashion & Accessories
- Perfumes & Cosmetics
- Liquor & Tobacco
- Food & Beverages
- Others
By Distribution Channel:
- Direct Retailer
- Convenience Store
- Specialty Retailer
- Departmental Store
By Airport Size:
- Medium Airport
- Small Airport
- Large Airport
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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