As per the analysis conducted by Future Market Insights, Airport Retailing market size is valued at US$ 26837.8 Million. The market is anticipated to reach nearly US$ 79706.8 Million by 2032, by witnessing an impressive CAGR of 11.5% from 2022 to 2032.
The retailing world in the airport space has significantly ballooned in the past few years with increasing physical space for non-aviation activities, as the core aviation activities like check-in, bag-drops are conducted remotely. This is further expected to facilitate future growth during the period of forecast.
What is Driving Demand for Airport Retailing?
The players operating in the industry are undertaking constant efforts to find out the compelling factors that is encouraging consumer to engage in shopping during travel. Convenience and boredom while waiting for the flight are few of the prominent factors that has driven airport retail purchases among consumers.
Besides this, tax-free is another prominent factor encouraging airport retail sales.Apart from the identifying the factors the players operating in the industry are also analyzing the consumer spending habits on airport.
Travelers that are required to spend some time on airport before their journey located in the same vicinity are the prominent target consumers for players operating in the industry. Thus the efforts on the part of players to gain their attention is further expected to drive sales in the coming years.
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Improving Services through Technology & Personalization Facilitating Retail Sales
Apart from the players in the industry airports are also engaged in increasing and enhancing traveler’s experience through personalization and technology. For instance, many of the airports are engaged in leveraging a traveler’s experience through augmented reality and virtual reality that guides a traveler or a prospective consumer towards the retail stores they desire at the airport.
Thus, the efforts on the part of airport hubs to ensure that the travelers make the best possible use of their waiting time is further expected to drive retail sales during the forecast period.
US and Canada Airport Retailing Market Outlook
The United States is one of the prominent hub. The airport retail sales in US is also projected to reflect a stable growth during the forecast period 2021-2031. Demand is expected to remain muted currently as the pandemic outbreak has extensively impacted the travel sector across the world.
Since past few years airport shopping corridors in the United States and Canada have now become significant tourist hubs. The growing frequency of travel and tourists in this region had led to an increase in the airport retail sales. However, with the pandemic outbreak causing a drastic decrease in the footfall of tourism has currently led to a slowdown in demand.
However, factors like growing attraction of brand towards airport retail arena, government initiatives to scale up revenues from airport are further expected to bring a slow recovery in the airport retail sales during the period of forecast.
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Europe Demand Outlook for Airport Retailing
In the past few years the consumer’s spending habits have changed dramatically. Unlike before where consumers used to make spontaneous buying decisions, the consumers now conduct an active research regarding product availability and compare prices online and then make a purchase decision at the airport.
In light of this changing consumer habit, luxury travel purchases has gained popularity in Europe.In light of this growing luxury trend at airport retail, many luxury brands are considering airport as an antidote to fading malls.
Such changing perception on the part of luxury brands is further expected to drive penetration of brick and mortar stores in the airport hubs across Europe. Many well-established brands have claimed that the revenue generation through airports is rapidly increasing than the traditional department stores.
This is primarily observed in the case of beauty and fashion goods. However, the covid-19 pandemic outbreak has also significantly brought a downswing in Europe airport retail sales.
Who are the Key Manufacturers and Suppliers of Airport Retailing?
Some of the leading players in the industry include
- Dubai Duty Free
- Airport Retail Group, LLC.
- Dufry AG
- King Power International
- Heinemann SE & Co. KG
- Flemingo International
- Japan Airport Terminal Co. Ltd.
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Key Segments of Airport Retailing Market
- Fashion & Accessories
- Perfumes & Cosmetics
- Liquor & Tobacco
- Food & Beverages
- Direct Retailer
- Department Stores
- Specialty Retailers
By Airport Size:
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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