Airport Retailing Market is Anticipated to Reach nearly US$ 79706.8 Million by 2032 |

Rupesh

Right Now

Airport Retailing Market is Anticipated to Reach nearly US$
79706.8 Million by 2032 | FMI

As per the analysis conducted by Future Market
Insights, Airport Retailing market is
valued at US$ 26837.8 Million.
The market is anticipated to reach nearly US$
79706.8 Million by 2032,
by witnessing an impressive CAGR of
11.5% from 2022 to 2032.

The retailing world
in the airport space has significantly ballooned in the past few years with
increasing physical space for non-aviation activities, as the core aviation
activities like check-in, bag-drops are conducted remotely. This is further
expected to facilitate future growth during the period of forecast.

What is Driving Demand for Airport Retailing?

The players operating in the industry are undertaking
constant efforts to find out the compelling factors that is encouraging
consumer to engage in shopping during travel. Convenience and boredom while
waiting for the flight are few of the prominent factors that has driven airport
retail purchases among consumers.

Besides this, tax-free is another prominent factor
encouraging airport retail sales.Apart from the identifying the factors the
players operating in the industry are also analyzing the consumer spending
habits on airport.

Travelers that are required to spend some time on airport
before their journey located in the same vicinity are the prominent target
consumers for players operating in the industry. Thus the efforts on the part
of players to gain their attention is further expected to drive sales in the
coming years.

Improving Services through Technology &
Personalization Facilitating Retail Sales

Apart from the players in the industry airports are also
engaged in increasing and enhancing traveler’s experience through
personalization and technology. For instance, many of the airports are engaged
in leveraging a traveler’s experience through augmented reality and virtual
reality that guides a traveler or a prospective consumer towards the retail
stores they desire at the airport.

Thus, the efforts on the part of airport hubs to ensure that
the travelers make the best possible use of their waiting time is further
expected to drive retail sales during the forecast period.

US and Canada Airport Retailing Market Outlook

The United States is one of the prominent hub. The airport
retail sales in US is also projected to reflect a stable growth during the
forecast period 2021-2031. Demand is expected to remain muted currently as the
pandemic outbreak has extensively impacted the travel sector across the world.

Since past few years airport shopping corridors in the
United States and Canada have now become significant tourist hubs. The growing
frequency of travel and tourists in this region had led to an increase in the
airport retail sales. However, with the pandemic outbreak causing a drastic
decrease in the footfall of tourism has currently led to a slowdown in demand.

However, factors like growing attraction of brand towards
airport retail arena, government initiatives to scale up revenues from airport
are further expected to bring a slow recovery in the airport retail sales
during the period of forecast.

Europe Demand Outlook for Airport Retailing

In the past few years the consumer’s spending habits have
changed dramatically. Unlike before where consumers used to make spontaneous
buying decisions, the consumers now conduct an active research regarding
product availability and compare prices online and then make a purchase
decision at the airport.

In light of this changing consumer habit, luxury travel purchases
has gained popularity in Europe.In light of this growing luxury trend at
airport retail, many luxury brands are considering airport as an antidote to
fading malls.

Such changing perception on the part of luxury brands is
further expected to drive penetration of brick and mortar stores in the airport
hubs across Europe. Many well-established brands have claimed that the revenue
generation through airports is rapidly increasing than the traditional
department stores.

This is primarily observed in the case of beauty and fashion
goods. However, the covid-19 pandemic outbreak has also significantly brought a
downswing in Europe airport retail sales.

Who are the Key Manufacturers and Suppliers of Airport
Retailing?

Some of the leading players in the industry include