The airport retailing market is expected to grow at an impressive rate, with a projected valuation of US$ 26.83 billion by 2022. The market is expected to surpass a significant benchmark by 2033, which is the US$ 90.23 billion threshold. This extraordinary growth trajectory represents a substantial increase from its estimated US$ 29.84 billion 2023 valuation. The industry is expected to have a CAGR of 11.7% during this time frame.
Shopping in airports is important nowadays. It gives a big range of things and help. Its main aim is to make it easy and fun for tourists. Furthermore, it is a strong advertising tool for companies. It greatly helps airports’ money success, especially those with cheap airlines running.
Air travel around the world has gone up a lot, making many more people go through airports. This big increase in passengers gives airport stores a huge group of customers. So, it creates more chances to sell and make money.
Request a Sample Report and Explore New Growth Opportunities Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-13233
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.
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.
Request the Full Report Methodology Now!
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-13233
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.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube