Market Size of Singapore Travel Retail Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 53 Billion |
| Market Size (2029) | USD 79.5 Billion |
| CAGR (2024 - 2029) | > 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Travel Retail Market Analysis
The Singapore Travel Retail Market size is estimated at USD 53 billion in 2024, and is expected to reach USD 79.5 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
Travel retail, also known as duty-free, is a sales procedure comprising commercializing goods relating to various product categories. This sales channel comprises goods that have not had the taxation or excise applied to their sale price and are on sale to customers who are travelers. Travel retail is a retailing channel that provides products to international travelers.
Famous duty-free areas in Singapore’s Changi Airport have become destinations in themselves with their high per-passenger spend for duty-free, helping the market grow. Duty-free operators in airports are also increasingly offering online ordering and in-store pick-up services; for example, duty-free retailers in Singapore offer this service that enables travelers to order duty-free products online from multiple retailers for pick-up when they travel or for delivery upon their return. Singapore is a major hub for the region’s luxury shoppers, and Laneige has been seeing strong growth in travel retail ever since. The impact of the pandemic on the Singapore economy was significant and was seen in the travel retail market due to lockdown restrictions. Further, in recent years, the market has improved and will return to the pre-pandemic level in the near future.
