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Global Duty-free and Travel Retail Market Research Report:

The latest report by IMARC, titled “ Duty-freeandTravelRetailMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandFor ecast2023-2028

” " the global duty-free and travel retail market size reached US$ 37.2 Billion in 2022.

Duty-free and travel retail refer to a unique shopping experience available to travelers at airports, seaports, and international border crossings. These retail outlets provide a wide range of goods, including luxury items, electronics, cosmetics, alcohol, tobacco, and confectionery. Duty-free refers to the exemption of certain taxes and duties imposed by the destination country, making the products available at a lower price compared to the domestic market.

Travel retail, on the other hand, encompasses a broader concept that includes both duty-free shops and duty-paid retail outlets. This allows travelers to choose from a wider selection of products, catering to various budgets and preferences. As a result, duty-free and travel retail generate significant revenue for the travel, tourism, aviation, and maritime industries.

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Global Duty-free and Travel Retail Market Trends:

The significant growth in the tourism industry is driving the global market. Moreover, the increasing demand for luxury and high-end products, including cosmetics, fragrances, and alcohol among the masses is catalyzing the growth of the market. In line with this, duty-free and travel retail outlets provide a distinctive shopping environment with a wide range of products, including luxury brands and exclusive items, to the consumers, which is providing a boost to the market. Moreover, growing collaborations between duty-free and retail travel operators and travel service providers, such as hotels, airlines, and tour operators are fuelling the overall market as it offers integrated shopping experiences, such as pre-order services, in-flight shopping catalogs, and loyalty programs, creating a seamless journey for travelers and driving engagement with duty-free shopping. Apart from this, the governments of several countries are promoting international tourism which in turn is supporting the market. Furthermore, the introduction of touch screens and interactive retail kiosks, which offers seamless ordering and payment solutions, is providing an impetus to the demand. Besides, the widespread adoption of new marketing strategies by brands, such as launching exclusive and limited products and partnerships with prominent distribution chains, is propelling the market. Other factors, including inflating disposable income levels of the masses, emerging trends of digitalization in retailing processes, increasing consumer awareness, and the introduction of pre-ordering applications, are impacting the market favorably. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).