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Big opportunities for Luxury & Lifestyle brands
The Travel Retail market has transformed over the past two decades, extending from traditional Duty-Free shops in airports to airlines, hotels, cruises & ferries, transit hubs, border stores, diplomatic channels and more. This follows continuous growth in global passenger traffic, estimated at over 300 million travelers flying on nearly 40 million international flights every year.
Recent market trends in Retail Travel
While traditional categories such as fragrances & cosmetics, spirits, wine and tobacco constitute most of the revenues, recent sales figures indicate a sharp increase in demand for Luxury & Lifestyle products, currently estimated at over $10 billion a year. Yet most duty free and travel retail operators are slow to adapt Luxury & Lifestyle brands despite their vast potential.
Seizing the opportunity
Travel Retail is a cluttered space with many products competing side by side for travelers who love to shop – and often buy products just to enrich their travel experience. In this busy commercial space, shoppers move quickly, which means that the window of opportunity to close a sale is shorter than in traditional retail stores. In this dynamic environment, brands need to act fast and be extra sensitive to changes in demand.
With rising demand for Luxury & Lifestyle among hundreds of millions of global travelers, expats, diplomats and foreign workers, now is the perfect time to tap into the vast potential of the ever-growing Retail Travel market.