The global airport retailing market is estimated to grow from US$31.79 billion in 2016 to US$47.81bn by 2021, at a compound annual growth rate (CAGR) of 8.5% in that period, according to ASD Reports.
The growth of the tourism sector, increasing incomes of the middle class population, easy availability of brands, and, most importantly, affordable prices of products are some of the factors driving this market.
In the retailing market, segmented into direct retailer, department store, speciality retailer, and supermarkets, the direct retailer segment is estimated to account for the largest market share in 2016.
By airport size, ‘large airports’ are rather obviously estimated to be the largest segment of the global airport retailing market in 2016.
On the basis of category, the airport retailing market is segmented into liquor & tobacco, perfumes & cosmetics, fashion & accessories, food & confectionery, and others. The food & confectionery segment was projected to grow at the highest CAGR during the forecast market period. Demand for local destination products is expected to continue driving this segment.
Europe was estimated to account for the largest market share in 2016, and Asia Pacific (Apac) was projected to grow at the highest CAGR during the forecast period.
