Airport Retailing Market Trends, Size, Share, Regional Analysis by Key Players | Industry Forecast

In 2022, the global airport retailing market was valued at USD 26.83 billion and is anticipated to experience remarkable growth. By 2033, the market is expected to surpass a significant milestone, reaching over USD 90.23 billion. This substantial growth trajectory represents a significant leap from its projected valuation of USD 29.84 billion in 2023. Throughout this period, the market is forecasted to demonstrate a Compound Annual Growth Rate (CAGR) of 11.7%.
In today’s airports, airport commerce has grown indispensable. It offers a vast array of products and services. Its main objective is to make travel more enjoyable and convenient. It also functions as an effective marketing tool for companies. It makes a substantial financial contribution to airports, particularly those that host low-cost airlines.
The number of people using airports has significantly increased as a result of the increase in air travel worldwide. Airport merchants benefit greatly from this large increase in passenger volume. As a result, it creates more prospects for revenue generation and sales.
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Key Trends And Highlights of Airport Retailing Market
Surge in Air Passenger Traffic: The steady increase in global air travel has significantly contributed to the growth of the airport retailing market. As more individuals opt for air travel for both business and leisure purposes, the footfall in airports has surged, leading to higher sales in retail outlets located within airport premises.
Growing Inclination Toward Unique Experiences: Modern travelers are increasingly seeking unique and exotic holiday experiences. This trend has led them to explore diverse destinations, thereby increasing the demand for products and services offered at airport retail outlets, which often showcase local specialties and exclusive items.
Rising Disposable Incomes: With rising incomes and improved spending capacity among the middle and upper classes worldwide, travelers are more willing to indulge in shopping experiences during their airport layovers or upon arrival. This increased purchasing power has directly contributed to the expansion of the airport retailing market.
Evolving Consumer Preferences: Consumers today are more discerning and value experiences that align with their personal preferences and lifestyles. Airport retail outlets have responded by diversifying their product offerings to cater to a wide range of consumer preferences, from luxury brands to locally sourced products and unique souvenirs.
Escalating Demand for High-End Products: There is a growing demand from consumers for high-end and extravagant products, including luxury fashion items, premium electronics, and duty-free goods. Airport retail outlets capitalize on this demand by offering an array of upscale products, attracting affluent travelers and driving sales growth.
Ongoing Development of Airport Infrastructure: Continuous investments in airport infrastructure and amenities have enhanced the overall passenger experience, including shopping facilities. Renovations and expansions of terminal buildings often include the addition of new retail spaces, contributing to the expansion of the airport retailing market.
Key Takeaways from the Airport Retailing Market:
The airport retailing industry in the United Kingdom is anticipated to rise, exhibiting a CAGR of % through 2033.
The United States held a 28.4% share of the global airport retailing industry in 2022.
With a CAGR of 15.8% over the forecast period, India is predicted to develop rapidly in the airport retailing industry.
In 2022, Japan had a 5.3% share of the airport retailing industry globally
The airport retailing industry in China is expected to increase, registering a CAGR of 13.5% over the forecast period.
Germany accounted for 5.6% of the global airport retailing industry in 2022.