Market Dynamics, Retail Trends, and Competitive Landscape
Asia-Pacific duty free retail market recorded CAGR of 9.4% during 2010–2015 driven by increase in Chinese duty free spending and expansion of duty free retail space. Growing tourism, expansion of off-airport duty free locations, rising online duty free sales are key factors that will positively influence the regional duty free sales. However, devaluation of Chinese Yuan will reduce purchasing power of high spending Chinese duty free shoppers. To entice this cohort, majority of the Asian countries are easing their visa policies, which have previously fueled tourism and thus spending in Japan and South Korea. Duty free operators are also seeking growth in new markets as competition in home market intensifies with new airport and downtown duty free locations.
- Asia-Pacific will register CAGR of 9.4% during 2015–2020. It is the fastest growing region globally
- South Korea is the largest market in the region contributing more than 30% to the total region sales
- Japan will overtake Singapore and Thailand by 2020, growing at a CAGR of 13.2%
- India is the fastest growing market and is expected to surpass Thailand by 2020 with sales reaching US$1.4 billion
- Health and beauty is the largest category in 2015 and is expected to grow at a CAGR of 10.0%
The “Duty Free Retailing in Asia–Pacific, 2015–2020” report, published by Verdict Research, provides analysis of current and forecast market data for retail sales in different product categories sold through duty free channel in Asia-Pacific.
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