Asia-Pacific Duty-Free & Travel Retail Revenues Grew By 9.1%
In the year of the 70th anniversary of the duty-free and travel retail sector, research commissioned by TFWA (Tax Free World Association) has revealed that Asia Pacific global duty- free and travel retail revenues grew by 9.1% to total $27.59bn.
This strong performance meant that while growth in all other regions was down, this rise tipped global sales into the positive and the global travel retail sector saw a modest growth of 2.5%. Its total value rose to a very substantial US$63.5bn with the Asia Pacific region now accounting for over 40% of the market.
Perfumes & Cosmetics continued to be the best performing market on a global level, growing by 8.4% to reach US$21.4bn, with Asia Pacific's market share in this sector growing by an impressive 20.7%. Wines and Spirits also grew (by 3.5%) with Asia Pacific's growth alone increasing by 5.2%. In terms of channel development, airports remain the largest worldwide, accounting for approximately 57% of all sales, with cruise/ferry, inflight and other border and duty free shops accounting for the remainder.
