Dublin, July 04, 2024 (GLOBE NEWSWIRE) -- The "Global Duty-Free Retailing 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global Duty-Free retail market has experienced an unprecedented growth rate of 27.7% in 2023, indicative of a vibrant economic recovery and heightened consumer demand for luxury items. This surge has been particularly influenced by a robust performance in the Asia-Pacific (APAC) region. Forecasters anticipate that APAC will retain its momentum, predicting an 18.4% growth in 2024 and solidifying its dominance with an expected 65.0% market share.
Leading Market Share
Dufry, operating under the brand Avolta, has navigated through the dynamic retail landscape to emerge as the leading duty-free operator in 2023. Holding an 8.8% share of the global market, Dufry has expanded its reach and fortified its market position following a strategic merger with Autogrill, enhancing both its product suite and customer service experience.
Consumer and Competitive Insights
The ongoing growth of global duty-free retailing is characterized by savvy consumers and technological advancements that are reshaping purchasing behaviors. In light of this, the international market landscape has been diligently analyzed, providing businesses with the necessary insights to refine their strategies. Companies are encouraged to harness this intelligence to optimize product offerings and align with emerging consumer trends and technological shifts.
Strategic Advantages
Organizations looking to gain a foothold or expand their presence in the duty-free market will find that exploiting current trends and dynamics could be substantially beneficial. Analysis of key players in the sector offers a comparative advantage, revealing critical areas for potential market share enhancement. By understanding and implementing effective marketing strategies that resonate with current consumer behavior trends, businesses can position themselves competitively within the evolving global duty-free landscape.
In summary, the global duty-free market is witnessing significant growth, with the APAC region leading the charge. Robust consumer demand and an increase in international travelers are principal factors underpinning this expansion. As industry players seek to navigate and capitalize on these trends, the strategic alignment of marketing and product strategies with consumer preferences remains essential for achieving competitive distinction in the global duty-free retail market.
A selection of companies mentioned in this report includes, but is not limited to:
- DUFRY
- Lotte Duty Free
- Dubai Duty Free
- Shinsegae DF
- DFS
- King Power
- Duty Free Americas
- Heinemann
- Travel Retail Norway
- Aelia Duty Free
For more information about this report visit https://www.researchandmarkets.com/r/vklvd3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
