Duty-free Retailing Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40625

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The duty-free retailing market size has the potential to grow by USD 53.5 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (fashion apparel and accessories, cosmetics and perfumes, tobacco and alcoholic beverages, and confectionery and fine foods), distribution channel (airports, border, downtown, and hotel shops, and others), and geography (APAC, Europe, North America, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including DFS Group Ltd., Dubai Duty Free, Dufry Ltd., Gebr. Heinemann SE & Co. KG, HOTEL SHILLA Co. Ltd., JR /Group, King Power International Co. Ltd., Lagardère Group, LOTTE SHOPPING Co. Ltd., and LVMH Moët Hennessy - Louis Vuitton SE.

What will be the Duty-free Retailing Market Size in 2020?

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Who are the Major Duty-free Retailing Vendors?

The duty-free retailing market is moderately fragmented owing to presence of a significant number of global, regional, and local players which are offering comprehensive products at different price range. Moderation in product innovations and easy access to distribution channels have helped vendors to moderate the entry barriers, thereby easing the entry of new vendors. JR /Group, King Power International Co. Ltd., Lagardère Group, LOTTE SHOPPING Co. Ltd., and LVMH Moët Hennessy - Louis Vuitton SE are some of the major market participants. Although the Growing number of retail stores offering duty-free products will offer immense growth opportunities, Minimal focus on shopping at point of travel will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this duty-free retailing market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this duty-free retailing market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • DFS Group Ltd.
  • Dubai Duty Free
  • Dufry Ltd.
  • Gebr. Heinemann SE & Co. KG
  • HOTEL SHILLA Co. Ltd.
  • JR /Group
  • King Power International Co. Ltd.
  • Lagardère Group
  • LOTTE SHOPPING Co. Ltd.
  • LVMH Moët Hennessy - Louis Vuitton SE

Which are the Key Markets for Duty-free Retailing?

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APAC was the largest duty-free retailing market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of a considerable number of duty-free retail stores across the region and high inbound and outbound travelers, which are purchasing duty-free products from airports, hotels, and borders, are driving duty-free retailing market growth in APAC. Additionally, the growing middle-class population and the increasing disposable income are also fueling the sales of duty-free products in APAC.

48% of the market’s growth will originate from APAC during the forecast period. China and South Korea are the key markets for duty-free retail products in APAC. Market growth in this region will be faster than the growth of the market in other regions.

What are the Major Product Segments in the Duty-free Retailing Market?

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High demand for duty-free products such as jewelry, men and women apparel, watches, and electronics products (such as smartphones and cameras) of luxury brands that are priced very high in the duty-paid markets is attracting the majority of sales in fashion apparel and accessories segment. Market growth in this segment will be faster than the growth of the market in cosmetics and perfumes, tobacco and alcoholic beverages, and confectionery and fine foods segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the duty-free retailing market size.

How will Excise Duty on Premium Products Influence Duty-free Retailing Market Growth?

Exemption of excise duty on premium products is one of the major factors driving the revenue growth in the global duty-free retailing market. The majority of sales in duty-free retailing market is generated through luxury brands offering fashion goods, accessories, hard luxury items, cosmetics, fragrances, and wines and spirits. Exemption of excise and customs duty on the luxury brands sold in the duty-free shops at airports, cruise lines, and international borders, significantly helps in lowering their price in comparison to other retail formats. This increases their affordability among larger population base including the price sensitive customers, which helps to drive sales in the global duty-free retailing market.

  • The number of inbound and outbound tourism is growing at a rapid pace across the globe which is accelerating the retail sales of luxury and branded products especially through duty-free retail outlets.
  • Lucrative opportunities in revenue generation from duty-free retail outlets have led the airport authorities across the globe to rely less on the core aviation segment and explore other means of revenue sourcing such as advertisements and duty-free retailing. 
  • Market vendors such as Lagardère and Dufry are focusing on attracting international tourists by opening new duty-free retail outlets in airports.
  • China has become one of the major contributors to the duty-free retailing market and is concentrating on expanding space for duty-free shops across its airports.
  • During 2020-2024, the market will register a CAGR of 9%.

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What are the Key Factors Covered in this Duty-free Retailing Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive duty-free retailing market growth during the next five years
  • Precise estimation of the duty-free retailing market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the duty-free retailing industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of duty-free retailing market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The duty-free retailing market growth will increase by $53.50 billion during 2019-2024.
The duty-free retailing market is expected to grow at a CAGR of 9.33% during 2019-2024.
Technavio has segmented the duty-free retailing market by product (Fashion apparel and accessories, Cosmetics and perfumes, Tobacco and alcoholic beverages, and Confectionery and fine foods) and geographic (APAC, Europe, North America, MEA, and South America).
DFS Group Ltd., Dubai Duty Free, Dufry Ltd., Gebr. Heinemann SE & Co. KG, HOTEL SHILLA Co. Ltd., JR /Group, King Power International Co. Ltd., Lagardère Group, LOTTE SHOPPING Co. Ltd., LVMH Moët Hennessy - Louis Vuitton SE are a few of the key vendors in the duty-free retailing market.
APAC will register the highest growth rate of 48.00% among the other regions. Therefore, the duty-free retailing market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • South Korea (Republic of Korea)
  • China
  • US
  • UK
  • Germany
The key factors driving the duty-free retailing market growth are:
  • Exemption of excise duty on premium products
  • High growth rate of duty-free retailing in developing regions
The duty-free retailing market vendors should focus on grabbing business opportunities from the fashion apparel and accessories segment as it accounted for the largest market share in the base year.

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