Market Trends of North America Travel Retail Industry
This section covers the major market trends shaping the North America Travel Retail Market according to our research experts:
Airport Retailing is Generating Higher Revenues than other Channels in North America Travel Retail Market.
The world of airport retail is booming. As airports continue to implement tasks such as check-in and bag-drop remotely, there is more physical space which can be used to increase non-aviation revenue streams. Alongside increasing brick and mortar stores, airports are improving services through personalization and technology. Airport retailing has become an important channel for brands to promote and create awareness about products in the market. Airports are diversifying to nom- aeronautical segments such as retail, restaurant bars, cafeterias. It is expected that the airport size and passenger footfall will continue to rise which will positively impact the airport travel retail market in North America.
Fragrance & Cosmetics Segment Share is Dominating the Travel Retail Market in North America.
The fragrances and cosmetics segment had a higher share in the overall sales in North America travel retail which was nearly one-third of the total market. Improved consumer lifestyle toward premium fragrances, and cosmetics, increase in disposable income, and rapid growth in urbanization are the key factors that drive the growth of the segment in the North American travel retail market. However, the luxury retail segment is expected to grow fastest owing to a premium lifestyle and huge market opportunity in the luxury product segments.
