World News: 13:35 GMT Wednesday 17th April 2019. [CMI via Globe Newswire via SPi World News]
SEATTLE, April 17, 2019 (GLOBE NEWSWIRE) -- The global duty free retailing market was valued at US$ 67.74 billion in 2018 and is projected to exhibit a CAGR of 8.6% over the forecast period (2019–2027).
Demand for duty free retail shops is expected to increase over the forecast period, owing to rising demand for duty free goods from tourists, in order to avoid taxes imposed on goods which are carried while entering foreign countries. Duty-free and travel retail shops are often open 24/7 and provide multi-lingual staff to cater to international travelers. All regions have seen strong growth in sales at duty free and travel retail in the recent past. According to the Duty Free World Council, Asia Pacific’s annual growth rate of sales in duty free & travel retail has been highest at 15% over other region from 2004 to 2014.
Moreover, according to the report, ‘Economic Impact of Duty Free and Travel Retail in the Americas’, published by Duty Free World Council in July 2018, duty free and travel retail sales in the aviation sales channel was about US$ 1.9 billion in the U.S. and Canada and US$ 4.8 billion in Latin America & the Caribbean in 2016.
Various key players are focused towards opening new duty free stores to cater to increasing demand from customers. For instance, in July 2017, Dufry, a major travel retailer, started a new 400 sq mt duty free shop in Mexico City International Airport’s Terminal 2 to compliment the already existing 30 shops at the airport
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Globe Newswire: 13:35 GMT Wednesday 17th April 2019
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