Airport Service Retailing Market is Anticipated to Reach nearly US$79706.8 Million by 2032 | FMI
As per the analysis conducted by Future MarketInsights, Airport service retailing market isvalued at US$ 26837.8 Million.The market is anticipated to reach nearly US$79706.8 Million by 2032,by witnessing an impressive CAGR of11.5% from 2022 to 2032.
The retailing world in the airport space has significantlyballooned in the past few years with increasing physical space for non-aviation
activities, as the core aviation activities like check-in, bag-drops are
conducted remotely. This is further expected to facilitate future growth during
the period of forecast.
What is Driving Demand for Airport service retailing?
The players operating in the industry are undertakingconstant efforts to find out the compelling factors that is encouraging
consumer to engage in shopping during travel. Convenience and boredom while
waiting for the flight are few of the prominent factors that has driven airport
retail purchases among consumers.
Besides this, tax-free is another prominent factorencouraging airport retail sales.Apart from the identifying the factors the
players operating in the industry are also analyzing the consumer spending
habits on airport.
Travelers that are required to spend some time on airportbefore their journey located in the same vicinity are the prominent target
consumers for players operating in the industry. Thus the efforts on the part
of players to gain their attention is further expected to drive sales in the
coming years.
Improving Services through Technology &Personalization Facilitating Retail Sales
Apart from the players in the industry airports are alsoengaged in increasing and enhancing traveler’s experience through
personalization and technology. For instance, many of the airports are engaged
in leveraging a traveler’s experience through augmented reality and virtual
reality that guides a traveler or a prospective consumer towards the retail
stores they desire at the airport.
Thus, the efforts on the part of airport hubs to ensure thatthe travelers make the best possible use of their waiting time is further
expected to drive retail sales during the forecast period.
US and Canada Airport service retailing Market Outlook
The United States is one of the prominent hub. The airportretail sales in US is also projected to reflect a stable growth during the
forecast period 2021-2031. Demand is expected to remain muted currently as the
pandemic outbreak has extensively impacted the travel sector across the world.
Since past few years airport shopping corridors in theUnited States and Canada have now become significant tourist hubs. The growing
frequency of travel and tourists in this region had led to an increase in the
airport retail sales. However, with the pandemic outbreak causing a drastic
decrease in the footfall of tourism has currently led to a slowdown in demand.
However, factors like growing attraction of brand towardsairport retail arena, government initiatives to scale up revenues from airport
are further expected to bring a slow recovery in the airport retail sales
during the period of forecast.
Europe Demand Outlook for Airport service retailing
In the past few years the consumer’s spending habits havechanged dramatically. Unlike before where consumers used to make spontaneous
buying decisions, the consumers now conduct an active research regarding
product availability and compare prices online and then make a purchase
decision at the airport.
In light of this changing consumer habit, luxury travel purchaseshas gained popularity in Europe.In light of this growing luxury trend at
airport retail, many luxury brands are considering airport as an antidote to
fading malls.
Such changing perception on the part of luxury brands isfurther expected to drive penetration of brick and mortar stores in the airport
hubs across Europe. Many well-established brands have claimed that the revenue
generation through airports is rapidly increasing than the traditional
department stores.
This is primarily observed in the case of beauty and fashiongoods. However, the covid-19 pandemic outbreak has also significantly brought a
downswing in Europe airport retail sales.
Who are the Key Manufacturers and Suppliers of Airportservice retailing?
Some of the leading players in the industry include
- Dubai Duty Free
- Airport Retail Group, LLC.
- Dufry AG
- King Power International
- Heinemann SE & Co. KG
- Flemingo International
- Japan Airport Terminal Co. Ltd.
- Others
Key Segments of Airport service retailing Market
- By Category:
- Fashion & Accessories
- Perfumes & Cosmetics
- Liquor & Tobacco
- Food & Beverages
- Others
- By Type:
- Direct Retailer
- Department Stores
- Supermarkets
- Specialty Retailers
- By Airport Size:
- Small
- Medium
- Large
- By Region:
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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