Fashion Duty Free Retailing Market 2017- By Develop Strategies Based on the Latest Regulatory Events
Global Fashion duty free retail sales 2011, 2016, and 2021 in US$ bn
Fashion duty free sales growth to more than double over next five years
The global fashion duty free market has recorded relatively strong growth over the last few years, driven by the rising purchasing power of emerging economies, increased access to air travel, and the expansion of airport commercial zones. However, growth was dampened by the global recession, the Eurozone crisis, terrorism, and weaknesses in important economies. A gradual recovery in global markets, increasing passenger travel, and retail space expansion in both new and existing airports, combined with the growth in global tourism will boost growth in the next few years. The traveling Chinese have been a major factor in driving duty free sales.
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Global fashion duty free sales reached US$9.8 billion in 2016, growing at a CAGR of 3.2% during 2011–2016. Rising passenger traffic at major airports, more retail space, and more fashion brands expanding into the duty free channel will drive growth over the next five years. The global fashion duty free market is predicted to grow at a robust CAGR of 7.6% to reach US$14.2 billion in 2021, adding US$4.4 billion in sales value.
CAGR in 2011–2016 +3.2%
CAGR in 2016–2021+7.6%
Tourism growth is largely being boosted by increasing low cost airline options and increased air routes across the world, but also via cruise ships, which, with downtown duty free stores, is expanding access to duty free products. Moreover, fashion duty free stores are improving their retail environment by introducing more international brands, and affordable price points to attract all spending levels.
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Posted by
Vivian Dsena
on Monday November 20 2017, 7:17 AM EDT.
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