July 14, 2022 13:30 ET | Source: Straits Research Straits Research
New York, United States, July 14, 2022 (GLOBE NEWSWIRE) -- Airport retailing refers to the presence of various retail services in the airport, such as jewelry, books & magazines, gifts & crafts, apparel & accessories, convenience stores, and perfumes, to give more convenience to travelers. Furthermore, airport retailing provides various items and is convenient for tourists. It has become one of the essential techniques for businesses to promote and raise brand awareness at airports.
Lifestyle changes, increased tourism promotion, and increased accessibility of transportation facilities are all aspects that are projected to help the travel & tourism industry flourish, which will bolster the expansion of the airport retailing market. Technological improvements, for example, have made it easier to book hotels and transportation through online portals, boosting the market's growth.
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Development of the Travel & Tourism Industry to Drive the Global Airport Retailing Market
Leisure, commercial, medical, and other types of tourism are all included in travel & tourism. Lifestyle changes, increased tourism promotion, and increased accessibility of transportation facilities are all factors that promote the growth of the travel and tourism industry, which are expected to increase the number of travelers at airports, contributing to the development of airport retailing market. The market's growth is aided by easy access to hotel and transportation bookings via internet platforms. The rise of the global travel & tourism business is accelerated by integrating several areas such as hospitality and infrastructure with government initiatives to attract travelers, which in turn supports the growth of the airport retailing market.
Growth in Asia-Pacific and LAMEA Economies to Provide Opportunities for the Global Airport Retailing Market
Asia-Pacific has become one of the world's most populous developing regions. The primary driver of the market is an improvement in the region's economic conditions and an increase in disposable income. The expansion of the market is boosted by economic growth in LAMEA countries. Furthermore, the development of the airport retailing market is expected to be fueled by an increase in the number of millennials. With sporting events such as FIFA 2022 in Qatar and the ICC T20 World Cup in India in 2021, the airport retailing sector is predicted to thrive due to the increased number of passengers, which will benefit the industry's growth. As a result, the unexplored countries of Asia-Pacific and Latin America, and the Caribbean (LAMEA) are projected to have tremendous growth opportunities in the following years.
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Regional Insights By region, the global airport retailing market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific was the highest revenue contributor and is estimated to grow at a CAGR of 13.9% during the forecast period. Asia-Pacific airport retailing market is studied across China, Thailand, Japan, India, Australia, and South Korea. Asia-Pacific is growing at the fastest rate owing to improved living standards and a rise in disposable income, in addition to expanding the tourism industry. Moreover, the expansion of the affordable luxury segment in tier 2 cities of Asia-Pacific boosts the market's growth. An increase in the number of new air routes and the introduction low-cost carriers (LCC) are the key factors that further promote the development of the Asia-Pacific airport retailing market. Furthermore, the surge in preference for value-added products boosts the desire to travel, increasing the demand for duty-free liquor, tobacco, fashion products, cosmetics, and perfumes.
The Europe market was the second-highest contributor to the airport retailing market. The Europe airport is projected to reach USD million by 2030 growing at a CAGR of 12% during the forecast period. U.K. and Russia, with more significant tourists through airlines, are the most extensive travel and tourism markets in Europe. In addition, tourists from other regions such as China and the Middle East contribute to Europe's airport retailing market. Thus, the development of the travel & tourism industry and improvement in lifestyle due to increased disposable income of consumers act as the fundamental driving forces of the market. However, enforcement of stringent regulations regarding the allowed duty-free products in airport retailing is expected to hamper the growth of the airport retailing market.
The North American airport retailing market is the third-largest. This is attributed to the rise in international air traffic from/to the U.S., which increases footfall at airports. Furthermore, North American airports are heavily investing in analyzing revenue per visitor by providing an upgraded shopping experience with facilities, such as boarding, lodging, catering, parking, and advertising and in addition, focusing on promotional activities such as campaigns, digital advertising, events, and press activities fuels the duty-free shopping and product visibility. Moreover, an increase in the number of luxury stores by some of the giant companies, including Louis Vuitton SA and LVMH Moët Hennessy, at airports is positively contributing to the market.
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Global Airport Retailing Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/airport-retailing-market/toc
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