European duty free market declined during 2010-2015 affected by the Eurozone crisis but is expected grow at a faster pace during the next five years. The market has recorded consistent growth in terms of local currency driven by surge in international arrivals and duty free spending from emerging markets travelers, mainly Chinese, who splurge on duty free luxury goods shopping to take advantage of favorable exchange rates. These factors together with expansion of airport retail space, launch of innovative concepts, and integration of digital shopping will lead European duty free market to record 4.7% CAGR during 2015-2020. Duty free retailers are also optimistic towards the market and are expanding in busiest airports, such as Birmingham and Heathrow airports, with focus on enhancing in-store experience and convenience
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Key Findings
* The UK duty free retail market accounts for 24.8% of the total regional market, and is forecast to grow at a CAGR of 4.6% during 2015-2020, driven by growing tourism, spending from emerging market tourists and modernized duty free outlets
* Euro weakness affected the region's performance in US Dollar, but offers an opportunity for Asian and emerging market duty free shoppers
* Increasing visits from Asian travelers, expansion of retail space in airports and opening of new duty free stores will lead Poland to produce the highest CAGR of 6.6% in the region
* Health and beauty is the fastest growing category group in the region at 6.4%. Entry of new brands, allocation of higher retail space, and integration of technology will contribute to the growth
* To boost Chinese spending, brands, duty free operators and airport authorities are stepping up their efforts, such as addition of their preferred payment system and new airline routes
Synopsis
The "Duty Free Retailing in the Europe, 2015-2020" report, published by Verdict Research, provides analysis of current and forecast market data for retail sales in different product categories sold through duty free channel in Europe.
What else does this report offer?
* Current market sizes and forecasts to 2020 by country and category; covers 24 countries in Europe and 20 categories, including clothing, consumer electronics, drinks, footwear, homewares, jewelry, watches and accessories, luggage and leather goods, packaged food, health and beauty, photographic equipment, printed media, sports equipment, tobacco, toys and games, and others
* Market insights based on consumer trends and changing economic and demographic factors on a regional and country basis
* International arrivals by country and top 10 source countries for international arrivals in each country
* Retail sales and fastest-growing markets for duty free channel
* Category level retail sales and forecast growth rates for each country
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Duty Free Retailing in the Europe, 2015-2020 - New Market Report
Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001