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Airport Retailing Market
According to a new, The global airport retailing market is segmented into product type, airport size, distribution channel, and region.
Middle- & upper-class disposable income & related expenditure, and increase in need & interest of people to spend more money on travelling and shopping.” — Shankar Bhandalkar
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, September 15, 2022 /EINPresswire.com / -- Allied Market Research published a new report, titled, 'Airport Retailing Market by Product Type, Airport Size, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027' The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter's Five Forces, and competitive scenario.
The global airport retailing market size was valued at $27,552.8 million in 2019, and is expected grow at a CAGR of 12.6% during 2021–2027 to reach 40,592.8 million in 2027.
Rise in inclination of people toward unique and exotic holiday experiences, surge in the income of middle- & upper-class people, and growing interest of people to spend more money on shopping fuel the growth of the global airport retailing market. On the other hand, stringent government regulations impede the growth to some extent. Nevertheless, upsurge in the tourism sector, affordable airfares, increased airport investment to expand retail spaces, and the introduction of new terminals are expected to create lucrative opportunities in the industry.
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Airport retailing has grown in popularity in recent years. Often referred to as travel retail (because it takes place mostly but not entirely in an airport), it has emerged as an important strategy for companies looking to promote and raise awareness about their brand. Airports with low airfares are unable to generate significant revenue from aeronautical business. As a result, they have transitioned their business into non-aeronautical businesses such as retail stores, restaurants, bars, and cafeterias. Airport retailing can also include hotels, nursing homes, car rental outlets, banks, exchange offices, drugstores, and other stores selling jewelry, books and magazines, gifts and crafts, clothing and accessories, convenience stores, optics, Fragrance and Perfume.
The airport retailing market is being driven by an increase in the number of passengers, particularly in countries with a high level of public transportation, such as India and China. The airport retailing market is also being boosted by travelers' desire to shop on the go and retailers' growing ability to sell products. Passengers' time spent at airports has also increased as a result of airlines' early check-in times set due to security and operational concerns. This has given retailers the ability to sell products more efficiently.
People in developing economies have more disposable income, which has given big brands the opportunity to open stores in airports. People shop the most between clearing the security-immigration desks and boarding the plane. To maximize this timeframe, airports strive to reduce wait times at check-in, security, and immigration lines. Prices that are reasonable and the presence of well-known brands at reduced prices are important factors that encourage travelers to shop at airport retail stores.
Based on product type, the perfumes and cosmetics segment accounted for nearly two-fifths of the global airport retailing market share in 2019, and is expected to rule the roost by the end of 2027. The same segment would also register the fastest CAGR of 13.7% from 2021 to 2027. Improvement in lifestyle along with increase in affluent population drives the segment growth.
Based on airport size, the large airport segment contributed to nearly three-fifths of the global airport retailing market revenue in 2019, and is anticipated to lead the trail by 2027. Large airports are located at the capital region of countries and are popular holiday destinations. These airports have a considerable number of business class travelers who notably contribute toward the sale of products through travel retail hubs. These factors propel the segment growth.
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Region, Asia-Pacific, followed by Europe and North America, held the major share in 2019, garnering nearly two-fifths of the global airport retailing market. The same region would also cite the fastest CAGR of 13.7% from 2021 to 2027. This is due to increase in number of new air routes and the introduction of low cost carrier (LCC) in the province.
The key players profiled in market report are:
○ Airport Retail Group LLC
○ Dubai Duty Free
○ Dufry AG
○ DFS Group Ltd.
○ King Power International
○ The Shilla Duty Free
○ China Duty Free Group Co. Ltd.
○ Gebr. Heinemann SE & Co. KG
○ Japan Airport Terminal Co. Ltd.
○ Flemingo International.
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Airport Retailing market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Airport Retailing Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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○ Luxury Apparels Market is projected to reach $278,181.5 million by 2031
○ Personal Luxury Goods Market Analysis and Projected huge Growth by 2027
○ Sunglasses Market is estimated to reach $18,164 million by 2027
○ Luxury Footwear Market is projected to reach $39,987.4 million by 2030
○ Luxury Jewelry Market is projected to reach $40.19 billion by 2031
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