In retail industry, the concept of duty free retailing has expanded from a small luxury shops to one of the highest-earning sectors. Airports have become prominent places that are often equipped with shops and amenities for travelers & tourists to buy necessary goods. This is emphasizing airports as well as airlines to increase their revenues through the sale of airport and onboard amenities.
Duty free retailing is buying of products at shops located at airports, ferries, and cruise, where no tax is levied on the products purchased. The travelers and tourists tend to purchase products at duty free retail shops to avoid taxes at international borders. Some of these products include cosmetics, personal care products, perfumes, food & beverages, fashion & accessories, and electronics. The duty free retailing market is considered to be one of the largest contributors for non-aeronautical income. A person with travel proof can only get access to avail the products at duty free stores.
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Recent Developments
The revenue surge in the duty free retailing market is driven by the release of excise duty on quality products. The majority of sales in the industry is generated through accessories, luxury brands that offer fashion goods, hard luxury items, fragrance, cosmetics, and alcohol and spirits. This products when sold at duty free shops excludes excise and customs duty, which significantly helps in lowering their price. Over the recent years, China has become a major contributing country for providing duty free retailing products. The vendors of the global duty free retailing market are focusing on opening novel duty free retail outlets to attract travelers and international tourists.
As per Research Dive blog, a number of companies in the duty free retail industry are collaborating with duty free stores to launch their exclusive or limited products. In February 2018, there new chocolates of limited edition were launched by Lindt, solely for Dufry. The novel edition of chocolates were made available at all stores of Dufry at major airports in Brazil. The two companies partnered again in January 2019, to launch new limited edition chocolates of Lindt with pistachio flavor.
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In 2015, Dufry acquired more than 50% stake in an Italy-based retailer company, World Duty Free SpA. The acquisition helpedDufry AG to increase its global presence and expand its product portfolio.
An inflight e-commerce website was launched by AirAsia in 2018 by partnering with Plaza Bali Duty & Tax Free. The website is named ‘OURSHOP’, where customers can explore various products with having multiple delivery options from downtown, onboard, and airport to home delivery.
Potential Future of Duty Free Retailing Market
Global duty free retailing market is estimated to witness a positive growth during the forecast period. Increasing shopping experiences of customers and several services provide to them by major market players of the industry is predicted to drive the demand for the market from 2019 to 2026. The duty free retailing market is also considered as one of the largest contributors for non-aeronautical income. However, strict regulations of governments in various countries for duty free retailing on products is considered to be a major factor restricting the growth of duty free retailing market.
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Availability of duty free products at decreased process and rising tourism activities are some of the significant factors giving substantial uplift to the growth of the global market in the near future. As per the Research Dive report statistics, the global duty free retailing market is likely to reach up to $139.4 billion by the end of 2026. Geographically, the Asia Pacific duty free retailing market is likely to dominate the industry owing to a rise in the disposable income and increasing middle-class population in this region. Additionally, the report profiles top gaining players operating in the global market who are focusing more on product development and R&D activities to increase their market size in the global duty free retailing industry.
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