The size of the global travel retail market is US$145 billion By 2028, it will register a CAGR of 14.9% during the forecast period.
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Key factors driving the growth of the travel retail market:
As a result of the growth in travel and tourism, there is an increasing demand for clothing, cosmetics, food, and electronics in the travel retail industry. In addition, increasing urbanization and changing lifestyles are key factors expected to drive the expansion of the travel retail market throughout the forecast year.
Moreover, both improving economic conditions and increasing disposable income of the middle class have contributed significantly to the expansion of the market. In addition, factors such as technological development are supporting the expansion of the travel retail market. In addition, the industry is expected to develop with the increasing population of millennials.
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Trends impacting travel retail market growth:
The travel retail market rises as a result of increased demand for products from domestic and international passengers. 10.89 million foreign tourists arrive India According to a study by the Brands Equity Foundation of India (IBEF) titled ‘Analysis of the Indian Tourism and Hospitality Industry’, 2019 saw a 3.2% year-on-year increase. Retailers are now offering customized loyalty programs and deals to meet the changing buying preferences of travelers. With this feature, the industry is growing as retailers increase their revenue from duty-free goods.
Rising millennial spending on travel and tourism also increases product revenue. Rising millennial spending on travel and tourism also increases product revenue. This factor is expected to drive the growth of the travel retail market. Travelers spend more time browsing in airports set up as cozy retail areas, contributing to on-the-go consumption trends. To meet individual demand, travel retailers are leveraging data insights such as detailed knowledge of customer origins and destinations. Staff and product displays are arranged based on the language and cultural sensitivities of the arriving passenger groups to ensure that relevant products are prominently displayed to the target customer. Retailers have a tremendous opportunity to increase customer loyalty, product awareness, adoption and diversity.
The industry gives small businesses the opportunity to showcase their products to tourists from all over the world at low advertising and marketing costs. The expansion of the travel retail market has been greatly impacted by the growing foot traffic of domestic and international travelers, especially when it comes to air travel. Another factor influencing the upward trend of the market is the improvement of infrastructure and retail options.
The growth potential of the travel retail market is enormous due to technological advances that enable better tracking and analysis of consumer trends. Branded retailers have the opportunity to implement loyalty management systems to track and rate customers in order to serve the majority of travelers. Loyalty management systems help businesses generate revenue in the travel retail market by tracking customer behavior and improving customer tracking.
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Travel retail share:
From 2021 to 2028, Asia Pacific The CAGR of the area will be the highest at 17.2%.because there are many retailers China, India, sea breamand in other countries, Asia Pacific The region is projected to dominate the global market over the analysis period. In addition, due to the increase in the wealthy population and the expansion of the tourism industry, Asia Pacific It is expected to expand as quickly as possible.
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