Duty-Free Retailing Market Demand Will Reach a Value of $94.2 Billion by 2031, At a CAGR of 10.6% From 2022-2031

The perfume & cosmetics sub-segment emerged as the global leader in 2021 and is expected to remain dominant throughout the forecast period.

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, June 11, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Duty-Free Retailing Market by Product Type, by Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The global duty-free retailing market was valued at $33.7 billion in 2021, and is projected to reach $94.2 billion by 2031, growing at a CAGR of 10.6% from 2022 to 2031.

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Globally the number of travelers across the world are increasing rapidly owing to rise in number of airport visitors. This is majorly owing to rise in the number of domestic and international travelers. The number of inbound and outgoing travelers is increasing significantly owing to rise in the number of airports visitors globally. Sports travel, business meetings have led to an increase in the number of travelers. For instance, UEFA Euro, UEFA Champions League, Summer Olympic games, and Premier Leagues are some of the key events that have attracted large number of travelers. Such sports events organized by several countries have led to an increase in the number of tourists and visitors. Owing to the same, the demand for duty-free retailing products across airports such as branded items, perfumes have observed significant growth.

Some of the leading countries that have reported large-number of tourists include All the major European & Asian countries namely Germany, Switzerland, Italy, Japan, Singapore, Thailand, and others have attracted large number of visitors from across the world. These factors have largely contributed towards duty-free retailing market sales.

However, duty-free shops are very responsive to international exchange rates. They are impacted by changes in the global market even though they operate in various nations and frequently trade in a variety of currencies, including the exchange rates for the Euro, Dollar, and British Pound. These currencies are converted using the current day's exchange rate. Depending on the changing exchange rate, duty-free retail firms, notably retail chains that sell luxury products, may be favorably or adversely impacted by currency exchange rates in the worldwide market. Growth in disposable incomes worldwide, majorly in the Asia-Pacific region is likely to offer lucrative growth opportunities to the duty-free retailing market during the forecast period. Duty-free shoppers in the Asia-Pacific region increasingly use digital platforms to facilitate their purchases.

The global duty-free retailing market share is segmented based on product type, sales channel, and region. By product type, it is classified into perfume & cosmetics, electronics, wine & spirits, food, confectionery & catering, tobacco, luxury goods and others. By sales channel, it is classified into airport, cruise liners, railway stations, border and down-town & hotel shop. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The report offers a comprehensive analysis of the global duty-free retailing market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and duty-free retailing market forecast trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market. The complete qualitative and quantitative duty-free retailing market analysis is provided in the report.

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The key players profiled in the duty-free retailing market report include 𝐃𝐮𝐭𝐲-𝐅𝐫𝐞𝐞 𝐀𝐦𝐞𝐫𝐢𝐜𝐚𝐬, 𝐒𝐇𝐈𝐍𝐒𝐄𝐆𝐀𝐄 𝐃𝐔𝐓𝐘-𝐅𝐑𝐄𝐄, 𝐀𝐞𝐫 𝐑𝐢𝐚𝐧𝐭𝐚 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥, 𝐃𝐮𝐛𝐚𝐢 𝐃𝐮𝐭𝐲-𝐅𝐫𝐞𝐞, 𝐂𝐡𝐢𝐧𝐚 𝐃𝐮𝐭𝐲-𝐅𝐫𝐞𝐞 𝐆𝐫𝐨𝐮𝐩 𝐂𝐨., 𝐋𝐭𝐝., 𝐋𝐎𝐓𝐓𝐄 𝐇𝐎𝐓𝐄𝐋., 𝐃𝐔𝐅𝐑𝐘 𝐀𝐆, 𝐇𝐘𝐔𝐍𝐃𝐀𝐈 𝐃𝐄𝐏𝐀𝐑𝐓𝐌𝐄𝐍𝐓 𝐒𝐓𝐎𝐑𝐄 𝐃𝐔𝐓𝐘-𝐅𝐑𝐄𝐄, 𝐋𝐚𝐠𝐚𝐫𝐝è𝐫𝐞 𝐠𝐫𝐨𝐮𝐩, 𝐚𝐧𝐝 𝐋𝐕𝐌𝐇.

𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡 𝐏𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬 𝐚𝐧𝐝 𝐃𝐞𝐦𝐚𝐧𝐝 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐃𝐮𝐭𝐲-𝐅𝐫𝐞𝐞 𝐑𝐞𝐭𝐚𝐢𝐥𝐢𝐧𝐠:

𝐆𝐥𝐨𝐛𝐚𝐥 𝐓𝐫𝐚𝐯𝐞𝐥 𝐓𝐫𝐞𝐧𝐝𝐬: Growth in duty-free retailing is closely tied to international travel trends. Analyzing data on the number of international tourists, business travelers, and their spending patterns can provide insights into the potential growth of duty-free retailing.

𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐅𝐚𝐜𝐭𝐨𝐫𝐬: Economic conditions in major travel markets play a crucial role in determining demand for duty-free goods. Strong economies often correlate with higher travel expenditure, benefiting duty-free retailers. Conversely, economic downturns or recessions may dampen travel and spending.

𝐄𝐦𝐞𝐫𝐠𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭𝐬: The rise of emerging markets with growing middle-class populations presents significant opportunities for duty-free retailers. Countries such as China, India, and Brazil are becoming increasingly important sources of outbound tourists, driving demand for duty-free goods.

𝐂𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐏𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬: Understanding consumer preferences and purchasing behavior is essential for duty-free retailers. Factors such as brand consciousness, product authenticity, and convenience influence travelers' buying decisions. Retailers may need to adapt their product offerings and marketing strategies to cater to evolving preferences.

Digital Transformation: The digitalization of retail has also impacted duty-free shopping. Many retailers are investing in online platforms and mobile apps to enhance the shopping experience for travelers. Additionally, pre-order and click-and-collect services are becoming more common, allowing customers to reserve products in advance and pick them up at the airport.

𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐃𝐢𝐯𝐞𝐫𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Duty-free retailers are expanding their product portfolios beyond traditional categories like alcohol, tobacco, and perfume. Luxury fashion, cosmetics, electronics, and confectionery are increasingly popular among travelers. Offering a diverse range of products can help retailers capture a larger share of the duty-free market.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐅𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬:

○ The report provides an exclusive and comprehensive analysis of the global duty-free retailing market trends along with the duty-free market forecast
○ The report elucidates the duty-free retailing market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts
○ Porter’s five forces analysis helps analyse the potential of the buyers & suppliers and the competitive scenario of the market for strategy building
○ The report entailing the duty-free retailing market analysis maps the qualitative sway of various industry factors on market segments as well as geographies
○ The data in this report aims on market dynamics, trends, and developments affecting the duty-free retailing market forecast.

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𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐭𝐨 𝐛𝐮𝐲 𝐃𝐮𝐭𝐲-𝐅𝐫𝐞𝐞 𝐑𝐞𝐭𝐚𝐢𝐥𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:

○ Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
○ Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
○ Classify potential new clients or partners in the target demographic.
○ Develop tactical initiatives by understanding the focus areas of leading companies.
○ Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
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○ Report will be updated with the latest data and delivered to you within 2-4 working days of order.
○ Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
○ Create regional and country strategies on the basis of local data and analysis.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 "𝐀𝐌𝐑 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

○ Canada Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
○ Mexico Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031

○ Europe Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/europe-duty-free-retailing-market-A77063

○ Spain Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/spain-duty-free-retailing-market-A77064

○ Germany Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/germany-duty-free-retailing-market-A77065

○ UK Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/uk-duty-free-retailing-market-A77066

○ France Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/france-duty-free-retailing-market-A77067

○ Italy Duty-Free Retailing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/italy-duty-free-retailing-market-A77068

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Allied Market Research
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