Airport Retailing Market is Anticipated to Reach nearly US$ 79706.8 Million by 2032 | FMI

As per the analysis conducted by Future Market Insights, Airport Retailing market is valued at US$ 26837.8 Million. The market is anticipated to reach nearly US$ 79706.8 Million by 2032, by witnessing an impressive CAGR of 11.5% from 2022 to 2032.

The retailing world in the airport space has significantly ballooned in the past few years with increasing physical space for non-aviation activities, as the core aviation activities like check-in, bag-drops are conducted remotely. This is further expected to facilitate future growth during the period of forecast.

What is Driving Demand for Airport Retailing?

The players operating in the industry are undertaking constant efforts to find out the compelling factors that is encouraging consumer to engage in shopping during travel. Convenience and boredom while waiting for the flight are few of the prominent factors that has driven airport retail purchases among consumers.

Besides this, tax-free is another prominent factor encouraging airport retail sales.Apart from the identifying the factors the players operating in the industry are also analyzing the consumer spending habits on airport.

Travelers that are required to spend some time on airport before their journey located in the same vicinity are the prominent target consumers for players operating in the industry. Thus the efforts on the part of players to gain their attention is further expected to drive sales in the coming years.

Improving Services through Technology & Personalization Facilitating Retail Sales

Apart from the players in the industry airports are also engaged in increasing and enhancing traveler’s experience through personalization and technology. For instance, many of the airports are engaged in leveraging a traveler’s experience through augmented reality and virtual reality that guides a traveler or a prospective consumer towards the retail stores they desire at the airport.

Thus, the efforts on the part of airport hubs to ensure that the travelers make the best possible use of their waiting time is further expected to drive retail sales during the forecast period.

US and Canada Airport Retailing Market Outlook

The United States is one of the prominent hub. The airport retail sales in US is also projected to reflect a stable growth during the forecast period 2021-2031. Demand is expected to remain muted currently as the pandemic outbreak has extensively impacted the travel sector across the world.

Since past few years airport shopping corridors in the United States and Canada have now become significant tourist hubs. The growing frequency of travel and tourists in this region had led to an increase in the airport retail sales. However, with the pandemic outbreak causing a drastic decrease in the footfall of tourism has currently led to a slowdown in demand.

However, factors like growing attraction of brand towards airport retail arena, government initiatives to scale up revenues from airport are further expected to bring a slow recovery in the airport retail sales during the period of forecast.

Europe Demand Outlook for Airport Retailing

In the past few years the consumer’s spending habits have changed dramatically. Unlike before where consumers used to make spontaneous buying decisions, the consumers now conduct an active research regarding product availability and compare prices online and then make a purchase decision at the airport.

In light of this changing consumer habit, luxury travel purchases has gained popularity in Europe.In light of this growing luxury trend at airport retail, many luxury brands are considering airport as an antidote to fading malls.

Such changing perception on the part of luxury brands is further expected to drive penetration of brick and mortar stores in the airport hubs across Europe. Many well-established brands have claimed that the revenue generation through airports is rapidly increasing than the traditional department stores.

This is primarily observed in the case of beauty and fashion goods. However, the covid-19 pandemic outbreak has also significantly brought a downswing in Europe airport retail sales.

Who are the Key Manufacturers and Suppliers of Airport Retailing?

Some of the leading players in the industry include

Dubai Duty Free

Airport Retail Group, LLC.

Dufry AG

King Power International

Heinemann SE & Co. KG

Flemingo International

Japan Airport Terminal Co. Ltd.

Others

Key Segments of Airport Retailing Market

By Category:

Fashion & Accessories

Perfumes & Cosmetics

Liquor & Tobacco

Food & Beverages

Others

By Type:

Direct Retailer

Department Stores

Supermarkets

Specialty Retailers

By Airport Size:

Small

Medium

Large

By Region:

North America

US & Canada

Latin America

Brazil, Mexico, Others

Western Europe

EU5

Nordics

Benelux

Eastern Europe

Asia Pacific

Australia and New Zealand (ANZ)

Greater China

India

ASEAN

Rest of Asia Pacific

Japan

Middle East and Africa

GCC Countries

Other Middle East

North Africa

South Africa

Other Africa

To know more:

https://www.futuremarketinsights.com/reports/airport-retailing-market