According to the latest market study released by Technavio, the global duty-free retailing market is expected to grow at a CAGR of close to 9% during the forecast period.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170112005070/en/
Technavio has published a new report on the global duty-free retailing market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global Duty-free Retailing Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global duty-free retailing market is expected to grow to USD 114.53 billion by 2021, mainly driven by the increasing number of international travelers. This increase in number is indicative of the fact that the major consumer base for duty-free products belongs to the airport visitors' category. Overall, airports account for more than three-fifths of the total revenue generated from this market.
Request a sample report: http://www.technavio.com/request-a-sample?report=55700
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Based on the product category, the report categorizes the global duty-free retailing market into the following segments:
- Fashion, accessories, and hard luxury products
- Cosmetics and perfumes
- Wines and spirits
- Tobacco
- Confectionery and fine foods
The top three revenue-generating product categories in the global duty-free retailing market are discussed below:
Fashion, accessories, and hard luxury products
“In 2016, the fashion, accessories, and hard luxury segment dominated the global market with a share of almost 34%. Key products in this category are precious jewelry, briefcases, handbags, and shoes. With increasing disposable income and growing influence of the fashion goods industry on consumers' purchase decisions, the adoption of luxury apparel and accessories is mounting,” says Poonam Saini, one of the lead analysts at Technavio for retail goods and services research.
Chinese travelers are the highest contributors to the sales of luxury brands, who account for 25% of the global revenue of luxury products' retailers. Michael Kors, Armani, Fossil, Gucci, and Burberry are some of the top brands in this market space.
Cosmetics and perfumes
Cosmetics and perfumes are one of the largest segments in the duty-free retailing space due to an increase in international travel, luxury foreign spending, growing disposable income of middle-class travelers, and rapid urbanization. Some of the top selling cosmetics and perfume brands are Chanel, Christian Dior, Estée Lauder, and Guerlain.
L'Oréal, one of the largest cosmetics and perfumes manufacturers, has a division only for duty-free retail, describing the division as the Sixth Continent. Similarly, Estée Lauder expanded its brands' presence by opening a boutique in emerging countries like the UAE and in Detroit Metro Airport, the US, which acts a primary gateway to Asian countries for procuring duty-free cosmetics and perfumes. Such moves by top brands are driving the growth of this segment.
Wines and spirits
“Most consumers prefer buying premium alcoholic beverages through duty-free retail, as the sector offers these premium products at a lower price. Innovations in store layouts, well-trained staff, more limited editions, and technological innovations, which help customers to compare prices with duty-paid shops, are some of the key drivers in this category,” says Poonam.
Johnnie Walker, Diageo's Scotch brand, continues to be the top-selling brand, followed by Absolut, Jack Daniel's, Chivas Regal, and others. Despite limitations on the quantity of alcohol that can be procured, the global duty-free retailing market for wines and spirits is estimated to showcase significant growth through the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Dufry
- Lagardère
- Lotte Shopping
- LVMH
Browse Related Reports:
- Global Retail Displays Market 2017-2021
- Global Specialty Spirits Market 2016-2020
- Global Commercial Airport Baggage Handling Systems Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like apparel and textile, luggage, and retail systems. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170112005070/en/
