The global duty free retailing market was valued at US$ 67.74 Billion in 2018, according to Duty Free Retailing Market Report, by Product Type (Fragrances & Cosmetics, Wines & Spirits, Fashion & Accessories, Tobacco, Watches & Jewelry, Confectionary & Fine Food, Electronics & Gifts, and Others), by Sales Channel (Airport Shops, Ferries, Airlines, and Others), and by Region (North America, South America, Asia Pacific, Europe, Middle East, and Africa) published by Coherent Market Insights.
The global duty free retailing market is projected to reach US$ 136.28 Billion by 2027, exhibiting a CAGR of 8.6% during the forecast period (2019-2027). Duty free retail market growth is attributed to increasing number of international travelers, globally. As per data from the World Bank, there were 1.34 billion international tourist arrivals in 2017, globally, showing a growth of 7.3% compared to 2016. The top destination for travelers was France, which had 86.9 million international arrivals in 2017, showing a growth of 5% compared to 2016.
However, low customer interest in shopping at airports is expected to restrain growth of the duty free retailing market, owing to reasons such as lack of promotion campaigns at these stores, lack of affordable products, and high price compared to home country.
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Browse 24 market data tables* and 12 figures* on "Duty Free Retailing Market” - Global forecast to 2027.
Key Trends and Analysis of the Duty Free Retailing Market:
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