Global travel market to reach $187.1 billion by 2031
Travel Biz News ——-
The global travel retail industry generated $52.7 billion in 2021 and is anticipated to generate $187.1 billion by 2031, witnessing a CAGR of 9.6% from 2022 to 2031, according to the report published by Allied Market Research.
US based Allied Market Research published a report, titled, “Travel retail Market by Product Type (Perfume & Cosmetics; Electronics; Wine & Spirits; Food, Confectionery, & Catering; Tobacco; Luxury Goods; and Others), and Sales Channel (Airports; Cruise Liners; Railway Stations; and Border, Downtown, & Hotel Shop): Global Opportunity Analysis and Industry Forecast, 2021-2031”.
“The global travel retail market is driven by factors such as the development of the travel & tourism industry, the rise in the purchase of luxury products among travellers, and an increase in the purchase of duty-free products ,” reads a statement issued by the AMR.
On the other hand, rigid government regulations and policies and restrictions on baggage hampered the global travel retail industry.
Moreover, the growth in the LAMEA and Asia-Pacific economies will create lucrative opportunities for the global travel retail market.
The imposition of travel restrictions, border closures, and lockdown measures severely limited international and domestic travel. This led to a sharp decline in passenger traffic at airports, train stations, and other travel hubs, resulting in a significant reduction in footfall and sales for travel retailers.
The pandemic has caused a shift in consumer behavior, including a preference for online shopping and contactless transactions. Travel retail, traditionally reliant on in-person shopping experiences, faced challenges adapting to these changing preferences.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global travel retail market, and its expected to maintain its dominance by 2031. Source : PR Newswire / Allied Market Research
29 May , 2023 Photo : WTTC
