According to the latest market research study by Technavio, the global duty-free retailing market is expected to grow at a CAGR of close to 9% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global duty-free retailing market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the product category
Source: Technavio
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The top three revenue contributing product categories are discussed below
Global duty-free retailing market for fashion, accessories, and hard luxury products: In this segment, the sale of key products such as handbags, briefcases, precious jewelry, and shoes drive the growth in the market. Rising disposable income and growing influence of the fashion industry on consumers’ purchase decisions is leading to an increased adoption of luxury apparel and accessories.
“Among various developing nations, people of China drive the sales of luxury brands such as Gucci, Armani, Fossil, Burberry and Michael Kors. Sales of luxury goods to Chinese travelers in the world account for around 25% of the global revenue of luxury products’ retailers,” says Poonam Saini, a lead analyst at Technavio for research on retail goods and services.
Global duty-free retailing market for cosmetics and perfumes: The cosmetics and perfumes segment is one of the largest and the fastest-growing categories in the global duty-free retailing market. The upsurge in international travel, luxury foreign spending, growing disposable income of middle-class travelers, and rapid urbanization are factors that are driving the growth of this segment.
Global duty-free retailing market for wines and spirits: Most consumers prefer buying premium alcohol products such as champagnes, wines, spirits, and beers through duty-free retail. Buying through this sector offers great deals and lower prices for these premium products in comparison to duty-paid shops. Some of the key drivers for this segment are well-trained staff, more limited editions, innovations in store layouts, and inventions in technology, which help customers to compare prices with duty-paid shops.
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The top vendors operating in the global duty-free retailing market are:
- Dufry
- Lagardère
- Lotte Shopping
- LVMH
The other prominent vendors in the market include Aer Rianta International (ARI), China Duty Free Group, Dubai Duty Free, Duty Free Americas, Gebr. Heinemann, JR/Group (James Richardson), King Power International Group, and The Shilla Duty Free.
A more detailed analysis is available in the Technavio report titled, ‘Global Duty-Free Retailing Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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