The Travel Retail channel is set for robust expansion, with an expected CAGR of 8% over the next decade, driven by the growing demand for premium goods, especially in airports and travel hubs.
The beauty segment is a key player, forecasted to grow at 6.5%, as consumers continue to indulge in luxury skincare and cosmetics while traveling.
This resurgence is fuelled by post-pandemic recovery in global travel, which has sparked a renewed interest in duty-free shopping and experiential retail spaces. Notably, airports in regions like Asia-Pacific and Europe are leading this charge, offering passengers diverse product categories and enhanced shopping experiences.
As brands like L’Oréal and Estée Lauder open new outlets, travel retail is poised to evolve into a major channel for luxury brands to engage with international consumers. Key players in this space are adapting to the shift in consumer behaviour, leveraging digitalization and personalization to enhance the shopper experience. This is the moment for businesses to capitalize on the burgeoning opportunities within the travel retail sector.
Keep an eye on @e23retail. This startup and its founder @alessandrolopiano are going to make lots of waves in this space!
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