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Increased Tourism and Changing Government Polices to Propel Growth of Global Airport Retailing Market

Press Release   •   Aug 09, 2017 07:03 EDT

Global Airport Retailing 2016-2021,” is the latest research report added in the vast database of that sheds light on the global airport retailing industry. In covers airport travel retail sales at both air side and land side, number of air-travelers by year and region, and growth in overall spending of air-travelers at the airports. The report also talks about the market drivers, restraints, trends, and future opportunities that might come up in the market. The publication also offers vital information about the overview, future outlook, and market scope. It speaks about the competitive landscape and dynamic of the market and aims to give out critical market intelligence to help players in the market to make informed decision about their investments.

The global airport retailing market is expected to grow at a healthy CAGR of 5% during the aforementioned forecast period of 2016 to 2021. The growth is primarily driven by surge in the global passenger travel, especially in the countries of Asia Pacific. The region is expected to continue its significant contribution to passenger traffic, aided by the low-cost aircraft carrier expansions, visa-on-arrivals, rising purchasing power, and ideal exchange rates. The Europe airport retailing market grew by 5.2% in the year 2016 because of rising interest in footfall. This regional market is expected to show tremendous growth in the global airport retailing market because of rapid growth in tourism industry, economical air fares, and rising investments in airport, which will lead to more retail spaces. The growth of the global airport retailing market is also driven by relaxation in visa rules for travelers from Asia Pacific, increase of beauty and other cosmetic products in duty free market, and easy methods of payment for China-based travelers, who are among the biggest spenders on items of luxury.
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However, social and political unrest in the European countries such as Belgium, France, Germany, Greece, and Turkey have greatly affected the passenger traffic and thus impacted negatively on the growth of the global airport retailing market. To counter these challenges, efforts are being taken. For instance, several governments are changing their policies to attract more customers as high import taxes on luxury item means buying them offshore more desirable. Recently, UK government announced that a letter of employment or a letter of invitation can be used for supporting a visa application. The U.S. government has also increased its visa validity to 10 years, while the government of France has introduced a 48-hour fast track process for visa application.
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The report also mentions different market activities of the major players in the industry such as mergers and acquisitions, collaborations and partnerships, and new product developments that have helped in raising their market share. Some of the prominent player in the global airport retailing market are Dufry AG of Switzerland, Dubai Duty Free of UAE, Legardere Travel Retail of France, and DFS Group of Hong Kong.