Market Size of North America Travel Retail Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | < 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Travel Retail Market Analysis
The North America travel retail market is anticipated to rise at a considerable rate and register a CAGR less than 10% during the forecast period, 2021-2026.
COVID-19 has all but wiped out the travel industry and a bounce back is looking increasingly unlikely as passenger numbers continue to be affected by outright bans, onerous quarantine requirements or - in the odd locale where the freedom to travel still exists - fear. Lauder's latest results release (Q4 2020) acknowledges that consumer traffic continues to be impacted by travel bans in most travel retail locations. American Airlines has reduced October schedule by 55% and the International Air Transport Association has predicted losses of US$84 billion for its members over the year.
Travel retail also called as duty free is a sales procedure comprising of the commercialization of the goods relating to the various product categories. This sales channel comprises of the goods that have not had the taxation, excise applied on their sale price and for sales to customers that are travelers. travel retail is a retailing channel, providing products to international travelers. It is an important source of income and has several marketing prospects. The upsurge in the travel and tourism sector that has increased the demand for apparels, cosmetics, food items, and electronic retail, rise in the urbanization and change in the lifestyle and the growing of the disposable income amongst North Americans. The rise in the number of millennial populations, the growing attention on the digitalizing of the retailing procedure and the increase in the demand for retail chains that provide luxury and premium brands of different products are some of the factors estimated to cushion the growth of the travel retail market in the coming years in North America. The travel and tourism industry are one of the largest growing sectors across North America. Increased passenger traffic has led the infrastructure development in the travel- retail market such as larger retail experiences which include shops, restaurants, bars and other forms of retail. Wealthy tourists from the other countries continue to contribute a significant part in the North America market.
