Where Travel Meets Commerce: Key Insights into the Travel Retail Market
The global travel retail market size is expected to reach USD 128.94 billion by 2030, registering a CAGR of 9.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. According to the statistics published by UN Tourism, in the first quarter of 2024, international arrivals, measuring overnight visitors, rebounded to 97% of their 2019 levels, signaling a near-complete recovery from pre-pandemic volumes. Approximately 285 million tourists ventured abroad during this period, marking a notable 20% increase compared to the first quarter of 2023. This growth was fueled by sustained robust demand, the gradual reopening of Asian markets, improved air connectivity, and streamlined visa processes. These factors collectively bolstered the market growth of travel retail by expanding the pool of potential customers with higher disposable incomes, thereby driving increased footfall and spending at duty-free shops and retail outlets in airports and travel hubs wor...