Following a drop in sales in 2009 the global airport retailing market has bounced back. However, growth is being driven predominantly by passenger volumes, which are increasing rapidly in emerging markets, rather than an increase in spend per passenger.
After five years of strong growth, prospects for airport retail in the mid-term remain positive even if forecasting seems to be a risky exercise in this current climate.
Promotional offers have been identified as essential for the airport retail industry for success in 2013-2014, with 78% of a Canadean survey respondents identifying the 'promotion of price advantages over city-centre retailers' as the key activity that can optimise the business of airport retailers.
For many, airport shopping marks the start of their holidays. Today, over one in ten European travellers look forward to shopping at airport shops.
When travelling by air, the highest percentage of passengers prefer to shop at retail stores. Overall, 52% of respondents spent 'US$25-US$100' on shopping at duty free airport retail shops, whilst 45% spend 'less than US$25' at duty paid airport retail outlets.
According to the recent market report, 'Global Business Travelers' Airport Retail Trends, 2013-2014,' tobacco, perfumes, cosmetics, and alcoholic beverages are the most popular products amongst pre-planned purchases, whilst art and craft, music and video, and clothing and footwear products are the most likely to be purchased on impulse.
'Renowned brands at discounted prices', 'last minute gifts', and 'utilization of time' are the key factors to induce purchase at airport retail stores.
'Occasional high prices,' 'return or exchange of goods,' and 'security concerns for liquid items' are the most pressing concerns that influence shopping at airport retail outlets.
For more information on the airport retail market, see the latest research: Airport Retail Market
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