Duty Free Retail Market Share Growing Rapidly with Recent Trends,...Published 1 month ago Views (15) Uncategorized
The global duty free retail market size was pegged at USD 35.87 billion in 2021. The market is anticipated to rise from USD 39.08 billion in 2022 to USD 72.23 billion by 2029 at a 9.17% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Duty Free Retail Market, 2022-2029.”
According to the analysis, Duty-Free Retail will gain considerable traction from the rising penetration of tourism, aviation, and other travel-related industries. Duty free goods will continue to be sought with the rising demand for premium liquor. For instance, in December 2021, Diageo joined hands with Shenzhen Duty Free to roll out its innovative whisky e-boutique.
Reduction in Air Traffic Dented Growth Prospect
Industry players grappled with the onslaught of the COVID-19 pandemic following the dip in product demand. Prominently, the plunge in air traffic in 2020 did not augur well for the Duty Free Retail industry outlook. Canada-based Airports Council International (ACI) asserted that airport sales dipped by 90% to USD 39 billion in the second quarter of 2020. Moreover, the prevalence of trade protectionism in China, the U.S., and Australia dented the sales of hamper duty free products. Moreover, a dip in the...
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