Rising Global Tourism supports recovery in Travel Retail
Despite many challenges, 2016 was a successful year for global tourism. Global outbound tourism grew by approximately 5% due to the rise in Chinese and US outbound tourism; an estimation based on the United Nations World Tourism Organization’s declaration for nine months data for 2016 where global outbound tourism grew by 4%. Europe is the most preferred destination for foreign travelers, followed by Asia-Pacific. The rise in global tourism is crucial as travel retail sales were declining due to terror threats and less spending in 2015. Increasing traffic at airports and expanding retail services are expected to result in higher sales.
Global airport retail sales recovered in 2016 with growth of 4.0%, having witnessed a 2.8% decline in 2015. The growth is driven by an uplift in global passenger traffic (up by 6.0%), especially from Asia-Pacific countries. The region will continue to contribute significantly to passenger traffic, supported by the expansion of low-cost carriers, visa-on-arrivals, increasing purchasing power, and favorable exchange rates. Chinese tourists buying luxury items away from their home country and increasing spend per passenger at airports are factors behind this uplift.
Market Forecast: Global Airport Retailing
Report Information:
Price: $4,950 (Single User License)
Published: May 2017
Publisher: GlobalData
Report Format: electronic pdf
