Research and Markets, one of the world’s largest market research providers, has released a report entitled the Global Duty-Free Retailing Market 2017-2021, in which it predicts that global duty-free retailing will grow by 8.56% over the period.
The report discusses current revenues, then also the potential for development, with insight from key vendors in the industry – emerging markets and spending on high-cost items are said to be the drivers for growth. The Asia-Pacific region is the fastest-growing, thanks to increasing airport traffic and a thriving tourism industry, and its contribution to the duty-free market is expected to increase. The demand for luxury, high-value goods is also said to be rising, accounting for 64.43% of global revenues in 2016.
However, the report does also warn of potential setbacks for duty-free growth, such as a reduced focus on shopping at certain travel points and limited vacation time in other markets. The report is available here.
Written by Chris Anderson