The concept of airport duty-free emerged from a small luxury shopping store in Ireland to one of the highest revenue-generating industries in the retail sector. Regardless of its overall value for money, airport duty-free continues to be greatly successful among customers. The major benefit of airport duty-free retailing is that it offers an easy and quick buying option at the airport than on the high-street for people going on holiday and needing a particular product. As per the World Duty-Free Council, the global duty-free retail industry has been experiencing robust growth since 2000. The global duty-free retailing market has witnessed widespread growth, in the last few years, owing to the growing popularity and benefits of duty-free shops among consumers at airports.
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Newest Insights in the Duty-Free Retailing Market
An upsurge in domestic and international business travel as well as growing demand for sports travel are propelling the duty-free retailing market size. As per a report by Research Dive, the global duty-free retailing market is expected to grow with a 10.6% CAGR and hit $94,203.7 million in the 2022–2031 timeframe. Considering the regional perspective, the Asia-Pacific region is expected to observe speedy growth in the years to come. This is because the region has a huge demand for duty-free retailing owing to the growing demand for air travel and speedy developments in the travel tourism industry in this region.
How are the Market Players Responding to the Rising Demand for Duty-free Retailing Systems?
The rising number of air travellers across the globe and growing number of airport duty-free shops are driving the growth of the duty-free retailing market. Market players are greatly investing in innovative research and developments to obtain a cutting-edge in the market. Some of the foremost players in the duty-free retailing market are China Duty Free Group Co Ltd., Hyundai Department Store Duty Free, Duty Free Americas, Inc, Aer Rianta International, Dubai Duty Free, Lotte Hotels Resorts, Shinsegae DF Inc., Dufry AG, Lagardère Group, LVMH., and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a remarkable position in the global market.
For instance,
In October 2022, Lagardère Travel Retail Switzerland, a worldwide leader in the travel retail industry, joined hands with Inflyter, a well-known airport retail duty-free ordering platform. The partnership aims to introduce an advanced automated retail solution to offer travellers a completely digital duty-free shopping experience that is available 24 hours a day.
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In May 2022, Delhi Duty Free, India's biggest duty-free retail space, launched a mobile shopping cart in partnership with the Maini Group, one of India's foremost design and manufacturing companies, to boost sales and increase convenience for customers.
In August 2022, Chhatrapati Shivaji Maharaj International Airport, in India, launched a ‘Shop Win’ promotion which includes a lucky draw for duty-free customers at the Mumbai airport. The Mumbai Duty-Free campaign features around 100+ first-class and luxury brands such as Montblanc, Armani, Prada, Tumi, Swarovski, Bally, Sony, JBL, LEGO, Lindt, and many others. The product categories included in the ‘Shop Win’ campaign are toys, confectionery, apparel, wine spirits, accessories, cosmetics, electronics, jewellery, and souvenirs.
COVID-19 Impact on the Global Duty-free Retailing Market
The outbreak of the coronavirus pandemic in 2020 has adversely impacted the global duty-free retailing market. During the pandemic period, the sales of duty-free retailing deteriorated greatly due to the implementation of strict lockdowns and travel restrictions worldwide. The global market witnessed a severe downfall, as numerous airlines halted their services during the pandemic. As per market analysts, the global market is expected to observe massive growth, after the relaxation of the pandemic, as the demand for air travel is expected to increase extensively in the forthcoming years.
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