Duty Free Retailing Market Analysis, Size, Segmentation, Covid 19 Impact And Forecast During 2023-2030

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Duty Free Retailing Market
Duty Free Retailing Market

Duty-free retailing is the practice of selling items to customers without imposing any taxes or excise levies on them at airports, on cruise ships and ferries, in downtown duty-free stores, at land border crossings, etc. Travellers from other countries have access to a variety of goods, including alcohol, perfumes and cosmetics, clothing and accessories, food and sweets, tobacco, jewellery, and watches. Due to the lack of tariffs, these retailers provide these products at far lower prices than a typical retailer. The Duty Free Retailing Market ongoing expansion and development support transportation modes financially and promote global tourism by encouraging more international travel by sea, air and land. During the forecast period, these factors are anticipated to increase the market size for duty-free retailing.

Based on product category, sales channel, and region, a segmentation of the global Duty Free Retailing Market is presented. The market is divided into sub-segments based on the type of product sold, including cigarettes, luxury items, electronics, food, wine, and spirits. The market is divided into airport, cruise liners, railway stations, border, and downtown & hotel shops according to sales channel. The market is examined by region, including North America, Europe, Asia-Pacific, and LAMEA.

The size of the Duty Free Retailing Market can vary depending on factors such as the location, volume of international travel, and consumer spending patterns. Global travel restrictions and the COVID-19 pandemic have had a significant impact on the travel industry, including duty-free retail.

In 2022, The Global Duty-Free Retailing Market Worth US$38.95 Billion. Over The Projected Period (2023-2030), The Market Is Anticipated To Increase From US$ 42.3 Billion In 2023 To US$ 75.37 Billion In 2030, Increasing At A CAGR Of 8.6%.

Major players in the global Duty Free Retailing Market are Dufry AG, LOTTE Duty Free Company, DFS Group Limited, Gebr. Heinemann SE & Co. KG, The Shilla Duty Free, The King Power International Group, James Richardson Corporation Pty Ltd., Duty Free Americas, Inc., Flemingo International Ltd., Dubai Duty Free, and China Duty Free Group Co., Ltd. 

Duty Free Retailing Market Covid19 Impact

Every element of economic and social activity was disturbed during the COVID-19 pandemic, and many parts are still disrupted today. In addition to the human tragedy, the epidemic has seriously harmed the world's economy, trade, and mobility. Due to the worldwide character of the industry, the ecology of air travel and the airport industry are two of the key sectors most impacted by the COVID-19 health problem. The abrupt global fall in air traffic hindered airline operators' commercial and aeronautical income. Consequently, the Duty Free Retailing Market is harmed. The market has experienced a substantial decline in sales, revenue, and profitability due to reduced passenger traffic, travel restrictions, and changes in consumer behavior. Recovery is expected to be gradual as travel resumes and consumer confidence improves, but the long-term effects on the industry will depend on various factors such as vaccination rates, travel policies, and economic recovery.

You Can Also Read Press Release Https://Www.Coherentmarketinsights.Com/Press-Release/Duty-Free-Retailing-Market-To-Surpass-Us-13628-Billion-By-2027-1346

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