The global duty-free retailing market is expected to grow by USD 53.50 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has published a latest market research report titled Global Duty-free Retailing Market 2020-2024 (Graphic: Business Wire).
The increase in sports, leisure, and international and domestic business trips is accelerating the number of airport visitors. The growth in international tourist arrivals is leading to an increase in footfalls at the duty-free stores in airports. As a result, the sales of duty-free retailing market in developing regions are increasing. Furthermore, the offline and online distribution channels in developing countries are expanding due to growth in the middle-class population and growing global urbanization and per capita income. Thus, the high growth rate of duty-free retailing in developing regions will boost the growth of the market during the forecast period.
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As per Technavio, the exemption of excise duty on premium products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Duty-Free Retailing Market: Exemption of Excise Duty on Premium Products
The impulse buying behavior of travelers is propelling the purchase volume of confectionery and fine foods. The demand for premium products is also increasing due to the availability of products for gifting purposes, attractive promotions, and value for money products. Ferrero, Lindt, Nestlé, Mondelez, and Mars are some of the popular leading brands of premium chocolates offered in duty-free retail outlets. LVMH, Lagardère group (Lagardère), Lotte Shopping, Dufry, and Dubai Duty Free are some of the key retailers offering products in the confectionery and fine foods segment. Thus, the exemption of excise duty on premium products is expected to showcase a positive outlook during the forecast period.
"The growing number of retail stores offering duty-free products and high penetration of global brands are some other major factors that will boost market growth during the forecast period," says a senior analyst at Technavio.
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Duty-Free Retailing Market: Segmentation Analysis
This market research report segments the duty-free retailing market by product (fashion apparel and accessories, cosmetics and perfumes, tobacco and alcoholic beverages, and confectionery and fine foods), distribution channel (airports; border, downtown, and hotel shops; and others), and geography (APAC, Europe, North America, South America, and MEA).
In 2019, APAC led the market due to the widespread presence of duty-free retail stores across the region coupled with high inbound and outbound travelers. The key contributing countries in the duty-free retailing market in APAC include South Korea, China, Hong Kong, Singapore, and Thailand.
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Some of the key topics covered in the report include:
Product Segmentation
- Fashion Apparel and Accessories
- Cosmetics and Perfumes
- Tobacco and Alcoholic Beverages
- Confectionery and Fine Foods
Distribution Channel Segmentation
- Airports
- Border, Downtown, and Hotel Shops
- Others
Geographic Segmentation
- APAC
- Europe
- North America
- South America
- MEA
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200318005468/en/
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