According to a new report published by UnivDatos Markets Insights, the Duty-free Retailing Market is expected to grow at a CAGR of around 8% from 2022-2028. The analysis has been segmented into Product (Alcohol & Spirit, Tobacco & Cigarette, Fashion & Accessories, Personal Care & Cosmetics, Watches & Jewelry, Others); Distribution Channel (Airport, Seaport, Onboard, Others); Region/Country.
Request for Sample Pages @ https://univdatos.com/get-a-free-sample-form-php/?product_id=29097
The Duty-free Retailing market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Duty-free Retailing market. The Duty-free Retailing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Duty-free Retailing market at the global and regional levels.
Market Overview
Duty-free retailing operates mostly at international airports and ship terminals and is a heavily regulated retail sector. Duty-free goods are sold at free retail stores, which are subject to various laws and regulations depending on the calculation, the permitted restriction, and a number of other variables. Duty-free commerce is a major source of income for the worldwide travel and tourist and aviation industries. One of the major sources of non-aeronautical revenue is thought to be the duty-free retailing sector. These stores are inaccessible to the general public; in order to enter the commercial area, a person needs travel identification.
The Duty-free Retailing Market is expected to grow at a steady rate of around 8% owing to growing number of tourists and rising disposable income. People's growing desire to travel to different international locations is expected to be the main factor fueling the market's expansion. The market is anticipated to expand significantly throughout the forecast period due to an increase in passengers. Additionally, there are a lot of companies on the market who sell their goods to customers for a very low cost when compared to other retail outlets. These products' costs are notably cheap because a number of taxes have been waived. The industry is expected to be driven by the preference of many passengers to purchase pricey and opulent things that are available to them at considerably cheaper prices due to tax exemptions over the projected period.
Click here to view the Report Description & https://univdatos.com/report/duty-free-retailing-market/
Some of the major players operating in the market include LVMH, Duty Free Americas Inc., SHINSEGAE INTERNATIONAL, Aer Rianta International, Dubai Duty Free, China Duty Free Group Co. Ltd., Lotte Group, Dufry AG, Hyundai Department Store Group Co. Ltd., and Lagardère SA.
COVID-19 Impact
Due to the abrupt decline in tourism brought on by the COVID-19 pandemic, the duty-free retail industries took a significant hit in 2020. The pandemic's detrimental effects on the tourism industry's performance were already apparent far earlier. International travel limitations and safety precautions began in January 2020. Due to their concern of catching COVID-19, domestic and foreign tourists restricted their trip, which decreased the number of domestic and foreign clients for this retail channel.
The global Duty-free Retailing market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on product, the market is segmented into Alcohol & Spirit, Tobacco & Cigarette, Fashion & Accessories, Personal Care & Cosmetic, Watches & Jewelry, and Others. The personal care and cosmetics category to witness a higher CAGR during the forecast period. This is major because passengers prefer expensive items which are available at a considerably low price due to the exemption of the excise duties in various areas. Further, the increasing preference of customers opting for personal care products for themselves, or gifting others is predicted to bolster the growth of the market sub-segment during the forecast timeframe.
· On the basis of distribution channel, the market is categorized into Airport, Seaport, Onboard, Others. Among these, the airport segment grabbed the major market share and dominated the market in 2020. This is mainly because airports are one of the major places for companies to showcase and promote awareness about their brand to customers. Moreover, the airport distribution channel also offers wide scope for retail outlets to reach customers due to the flexibility in the prices which is expected to uplift the growth of the market sub-segment over the analysis timeframe.
Ask for Report Customization @ https://univdatos.com/get-a-free-sample-form-php/?product_id=29097
Duty-free Retailing Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. Recent developments across Asian countries could provide the potential opportunities for established and prospective duty-free stores to launch a broad spectrum of innovative products. For instance, in its master plan dated June 1, 2020, China’s central government announced various policies aimed at establishing the Hainan Free Trade Port (Hainan FTP) on the country’s southern coast. The government also announced its plan to make Hainan FTP an internationally renowned free trade port by 2050. This strategic move is expected to favor domestic retail chains that offer a wide variety of Duty-Free Retail products in the coming years.
The major players targeting the market include
• LVMH
• Duty Free Americas Inc.
• SHINSEGAE INTERNATIONAL
• Aer Rianta International
• Dubai Duty Free
• China Duty Free Group Co. Ltd.
• Lotte Group
• Dufry AG
• Hyundai Department Store Group Co. Ltd.
• Lagardère SA
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Duty-free Retailing market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Duty-free Retailing market?
• Which factors are influencing the Duty-free Retailing market over the forecast period?
• What are the global challenges, threats, and risks in the Duty-free Retailing market?
• Which factors are propelling and restraining the Duty-free Retailing market?
• What are the demanding global regions of the Duty-free Retailing market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
About UnivDatos Market Insights (UMI)
Browse Other Related Research Reports from UnivDatos Market Insights
· Passenger Boarding Bridges Market
· Self Service Technology Market
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
Contact
UnivDatos Market Insights
Ankita Gupta
Director Operations
Ph: +91-7838604911
Email: [email protected]
Website: https://univdatos.com/
The Report Titled “Duty-Free Retailing Market Report 2020, Competitive Landscape, Trends, and Opportunities” offers an in-depth assessment of the market by looking at the Market Growth, Drivers, Challenges, Opportunities, and Trends for the market to help the readers understand the overall scenario of the Duty-Free Retailing industry.
The Duty-Free Retailing Market report takes a holistic approach to the market and gives market insights, historical analysis, and verifiable projections pertaining to the market size in the forecast duration.
The estimations derived in this report are deduced by employing precise analytical tools, research methodologies, estimates, and reliable data sources.
This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
@ https://www.reportsanddata.com/sample-enquiry-form/208 The Duty-Free Retailing market intelligence study includes a separate section dedicated to crucial parameters like the pricing structure of vital feedstock and value chain analysis, along with the study of major suppliers of the raw materials.
Heinemann The market intelligence study outlines essential details of the market and the leading companies that hold a substantial portion of the global sector.
