Duty-Free Retailing Growth Factors in Asia-Pacific : Ken Research According to study, ’Duty-Free Retailing In Asia-Pacific, 2017-2022: Market & Category Expenditure And Forecasts, Trends And Competitive Landscape’ some of the major trades that are currently working in the Asia are; Nuance, Colombian Emeralds, Uruguay, HudsonRegStaer. Duty free retails are tax-free and free from excise duties, on the provision that goods are only sold to travelers who will transferring them out of the nation. Duty-free retailing includes various products such as hard luxury goods, fashion apparel and accessories and electronics; cosmetics and perfumes; wines and spirits; tobacco; and confectionary and fine foods. It generates value adding economic activity and employment which contributes to over all GDP. Moreover, it plays an important role in the financing of airports and of shipping lines, and thereby of the aviation and maritime industries. This in turn supports the wider economy generating jobs and value added in all sectors and their supply chains and enhancing the economic potential.
A number of duty-free operatives have established their presences in major Asian cities, including Japan, South Korea, Thailand, China and Singapore. Growing tourism, expansion of off-airport duty free locations, rising online duty free sales are key factors that will positively influence the regional duty free sales. South Korea is the largest duty free market, with high growth prospects, and the smaller markets are becoming lucrative revenue drivers – such as India, Japan, Thailand and Indonesia. Thailand is supported by tourism and the construction of larger airports and multiple downtown duty free formats. The duty free market in Japan is dependent on Chinese tourism, but with the depreciating yuan against the yen, spending power has reduced and caused duty free volume growth in Japan to ease. Moreover, the Chinese government is pushing efforts for consumers to spend their income within China, due to downtown and arrivals of the duty free formats. To cater the duty free retail, majority of the Asian