Travel Retail Market: Industry Analysis
Posted by surendra choudhary on March 27th, 2019
Travel retail has been experiencing incredible growth in the past few years. Industry experts predict sales to climb north in the coming years. The tremendous growth in the luxury goods market will fuel demand in the global travel retail market. This is because more people are travelling today and travelers are prone towards shopping. Retailers can use data insights to better cater customers, and increase visibility for their products.
An upcoming Transparency Market Research report aims to present in-depth information on the current and future trends of the global travel retail market. It would enable key stakeholders in the market to gain proper insights into the growth drivers and deterrents shaping its growth trajectory. The report would also provide a peek into the competitive dynamics along with the opportunities and pitfalls in the global travel retail market.
Global Travel Retail Market: Drivers & Restraints
Brands have capitalize on the differences between travel retail and traditional retail spaces to hit into a profitable market. As the market grows steadily, brands are counting on some of their successes in airports to trickle down to their traditional stores, possibly help add new and profitable avenues. Increase in tourism and travel around the world has shot up the demand for apparels, food items, cosmetics, and electronics. This has resulted in growth of the global travel retail market.
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There are many reasons for travelers to spend money and time in airports such as free time to browse and buy, the open-plan setup, and holiday atmosphere. Travel retailers have come to realize that this market could possibly provide them with incredible opportunities to create visibility for their products. Besides market players are believe to increase customer loyalty and make new customers in various countries.
Moreover, with the recent upturns in the economy, passenger numbers are expected to increase even further. Thus, all these factors helps the global travel retail market to grow insignificantly.
However, stringent government regulations and unorganized local markets hamper growth of the global travel retail market. On the other hand, increase in urbanization and changes in lifestyle are expected to create lucrative opportunities in the future.
Global Travel Retail Market: Geographical Outlook
The regional dynamics of the global travel retail market reveals that North America is cruising in the positive direction in the past decade. The tremendous growth owes to the growing interests of the masses towards travel and tourism. Moreover, the efforts are made by the travel administration departments of various regions to educate people about the world and about its heritage. Growing middle-class population and increasing travel and tourism sector in Asia Pacific, is also expected to boost the market.
Global Travel Retail Market: Competitive Landscape
The global travel retail market marks the presence of top players such as Dufry, Lotte Duty Free, Lagardère Travel Retail, DFS Group, and Heinemann among others. These players might identify a powerful growth strategy to gain a strong foothold in the global travel retail market. Players may also take to organic business tactics to attract new customers.
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About the Authorsurendra choudhary
Joined: February 12th, 2019
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