Global Airport Retailing Market: Snapshot
Airport retailing is basically the presence of many retail services of many products inside the airport for providing enhanced convenience to the people travelling. Airport retailing also delivers a broader variety of merchandizes and is a comparatively easy choice for travelers. As many retailers tend to think that airport retailing is just strategy diversification and market expansion. However, this kind of thinking is expected to lead to negative results related to the perception of airport business as the brands that are found in the airport are of high quality and are considerably the high-end ones.
The factors that are expected to drive the growth of the market are rising retail promotion in airports, availability of products at low prices, and rising tourism. The market players can further gain from the rising customer airport experiences and fall in jet fuel prices. However, factors such as the prevalence of downtown retail stores, strict government regulations and rules and rising political unrest.
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In the last couple of years, airport retailing has witnessed a substantial rise across airports not only in developed regions but also in developing regions. In the last few years. Europe has seen a substantial rise in airport retailing owing to inexpensive air fare and rise in tourism. Furthermore, the growing disposable income of people in the Asia Pacific region and their inclination towards luxurious lifestyle is further expected to trigger the growth of the market in the region.
Global Airport Retailing Market: Overview
Airport retailing is referred to as the availability of retail services of various products within the airport in order to provide greater convenience to travelers. Airport retailing provides a wider variety of products and is an easy option for travelers. With value customer services as the top priority in the aviation industry, airport retailing is expected to gain momentum over the coming years owing to its feasible services to customers. The provision of goods and services in airports will vary depending on the type of travelers such as business travelers or vacationers and on the manner in which the airport manages domestic and international passengers. It is also subject to the economic, geographic, and demographic specificity of the location of the airport. In addition to the regional feature, airports retailers are also required to meet the unique and specific shopping patterns and needs of air passengers such as speed of the service, convenience, store layout, cleanliness and appearance, and product quality and variety.
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Many retailers assume airport retailing just as a market expansion and diversification strategy. However, this perception is likely to lead to negative results if the environment of the airport is not seriously taken into consideration. The quality business proposals in the airport are the ones which comprise a considerate and thorough evaluation of the product and how it visually appeals to the consumer.
The market intelligence publication delves into the possible growth opportunities for the global airport retailing market and the chronological growth of the market throughout the forecast period. It also uniquely provisions required data related to facers such as dynamics influencing the progress in all possible retrospective manner. Several ubiquitous and non-ubiquitous trends have also been mentioned in the study. An outlook of extensive nature keeping in mind the Porter’s five forces analysis has been provided to make the vendor landscape transparent to the reader. The report further reaches out to point out accomplishments related to R&D, acquisitions, mergers, and crucial partnerships and verifications. The companies in limelight have been analyzed on market shares, products, and key strategies.
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Global Airport Retailing Market: Trends and Opportunities
The global market for airport retailing is projected to expand at a significant rate over the next couple of years owing to the growth in the tourism sector, rising income of the middle class across the globe, and easy accessibility of brands. By type, the global airport retailing market can be segmented into supermarkets, specialty retailers, department store, and direct retailer. The segment of direct retailer has been estimated to lead the market in the coming years accounting for the leading market share until 2025. Stores such as Levi’s, Hugo Boss, and Lacoste are known for generating maximum revenue. In terms of airport size, large airports are expected to emerge dominant in the global airport retailing market.
The global market for airport retailing is expected to grow tremendously owing to the rising promotional activities by companies and individual brands and incessantly growing passenger traffic. Retailing has turned out to be the leading source of income for airports across the globe. This can be attributed to the rise in the number of air travelers and enhanced duty-free shopping experience. The market for global airport retailing is also expected to be driven by the growing demand for local destination products.
Global Airport Retailing Market: Regional Outlook
Over the last couple of years, Europe has witnessed immense progress in the market for airport retailing owing rising investments in retail services in airports, feasible air fares, and upsurge in tourism. Moreover, due to several projects in pipeline such as refurbishments, renovation of current airports, and expansion and development of new terminals, the market is expected to witness tremendous growth. Owing to development of high-end airports in countries such as China and India, Asia Pacific is likely to grow at a significant rate.
Global Airport Retailing Market: Companies Mentioned in the Report
Some of the chief players in the market are World Duty Free Group, Dubai Duty Free, Duty Free America, Gebr. Heinemann, Dufry, and Autogrill.