Duty Free And Travel Retail Market Size

Duty-Free And Travel Retail Market Analysis

The Global Duty-free And Travel Retail Market size is estimated at USD 76.20 billion in 2024, and is expected to reach USD 108.02 billion by 2029, growing at a CAGR of 7.23% during the forecast period (2024-2029).

One of the primary drivers fueling the expansion of the duty-free and travel retail markets is the growing popularity of the travel and tourist sector. Duty-free and travel retail offer short-term areas that give customers more time following security check-in so they may enjoy entertainment and the atmosphere of shopping for goods from other countries. The market may see an increase in sales as a result of the growing emphasis on digitizing the retailing process to help businesses maximize their earnings. The duty-free and travel retail markets are expanding due in part to the rising demand for retail chains that carry luxury and premium brands of a variety of goods.

Due to the increase in airport visitation worldwide, there is a growing number of inbound and leaving travelers. Increased domestic and international business and sports travel is a major driver of the size of the duty-free shopping market. The UEFA Champions League, UEFA Euro, UEFA Summer Olympics, and Premier Leagues are a few of the big events that draw throngs of tourists from all over the world. Sporting events are held annually in a variety of nations across the world, bringing in more foreign visitors and tourists. This boosts retail sales of luxury and branded goods, particularly through duty-free shops.

The COVID-19 pandemic caused a sharp shift in consumer purchasing behavior from physical to online retailers. Because of this, prominent players in the worldwide duty-free retailing industry, including Dufry AG, Delhi Duty-Free, and Dubai Duty-Free, have developed websites that offer their customers a hassle-free shopping experience along with a variety of promo codes and discounts that will aid in drawing in a sizable user base. Additionally, the tracking of human behavior online and offline with more complex analytics and customization was made easier by technological integration. In the e-commerce travel retail sector, a rise in contactless purchasing experiences with an emphasis on zero-waste production and sustainable consumption practices is predicted to create significant chances in the market.