The global market for duty-free retailing is riding along the affluent growth of the tourism industry. Several destinations have renovated their airports to enhance tourist-experience and have dedicated spaces for duty-free retailing. Shopping on airports has become a trend and the ‘duty-free’ tag has further encouraged the consumers to buy at airports. A report by Transparency Market Research titled, ‘Duty Free Retailing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024’ analyses the market in order to gauge its future success. It is anticipated that duty free retailing would emerge as a key resort for making business across the world.
The duty-free retailing sections have earned substantial profits for mega-businesses. The airports have also become increasingly wary of bettering their duty-free shelf display to attract the tourist. For foreign tourists, this has emerged as an important mode of shopping. The aforementioned factors contribute to the overall growth of the global market. Self-service kiosks have also gained importance for the tourists who prefer to purchase items conveniently and free of intervention. One of the most important factor for the growth of the market is the cost-effective advertisement of products to international customers. Furthermore, expensive items such as liquor, cosmetics, and fashion accessories can be purchased at lower prices at duty-free retail units.
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Despite the affluence of the market, the restrictions imposed by regional governments on the sale and purchase of goods could hamper market growth. Moreover, the stringent rules make it difficult for SMEs to penetrate the market. Nevertheless, the growth of tourism is expected to keep bolstering demand within the market player. The extensive prospects of tourism in Asia Pacific is expected to give supremacy to the regional market.
The key market players include China Duty Free Group Co., Dufry AG, Lotte Co., Ltd., Aer Rianta International (ARI), DFS Group Limited, and Lagardère.