According to the recent research report titled ‘Global Travel Retail Market Size study, by Product Type(Perfume & Cosmetics, Wine & Spirit, Electronics, Luxury Goods, Food, Confectionery, & Catering, Tobacco, Others), by Channel(Airport, Cruise Liner, Railway Station, Border, Downtown & Hotel Shop), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global travel retail market is expected to record considerable growth over 2021-2027.
 

Technological improvements, rapid urbanization, and flourishing travel & tourism sector are primarily driving global travel retail market growth.
 

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This growth in travel & tourism sector has boosted the demand for apparel, cosmetics, culinary products, and electronic retail. Travel retailers are striving to provide a better customer experience across several distribution channels like airports and ferry stations.
 

With increasing digitization, travel shops are relying more on technology to lure customers into stores and keep them engaged throughout their journey, while offering a hassle-free purchasing experience. 
 

Travel retail must undergo significant changes to develop a retail environment that works with airlines. For instance, airline service providers can offer data such as schedules, purchasing habits, and other information that can be used to offer a compelling shopping experience to the passengers.
 

Furthermore, changing demographics in the aviation space such as the growing number of millennial passengers have compelled retailers to use digital, omnichannel, and loyalty-based systems to boost customer purchasing power, which in turn is adding traction to the overall market size.
 

Speaking of restraints, strict government guidelines and less interest of consumers in shopping at airports are likely to act as major challenge for the growth of global travel retail industry.
 

Elaborating on geographical ambit, Asia Pacific currently holds considerable market share, creditable to increasing foreign investors in economies like Malaysia and Hong Kong for tax-free shopping.
 

Meanwhile, Europe industry is expected to record a strong CAGR over 2021-2027, owing to booming travel & tourism sector.
 

Leading companies influencing global travel retail market trends are The Nuance Group, Aer Rianta International (ARI), China Duty Free Group Co. Ltd. (CDFG), Gebr Heinemann, The Shilla Duty Free, King Power International Group, Lotte Duty Free, Dufry AG, and DFS Group.