The global airport retailing market size was US$ 18.9 billion in 2021. The global airport retailing market is forecast to grow to US$ 49.4 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.6% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The global airport retailing market is forecast to witness tremendous growth due to the growing interest of people in traveling and exploring unique holiday destinations. In addition to that, growing disposable income and changing living standards of the people will drive the growth of the airport retailing market during the analysis period.
The global airport retailing market is also driven by the increase in the number of high-net-worth individuals (HNIs). Furthermore, growing tourism promotion and technological advancements in the tourism sector will contribute to market growth during the study period.
The growing inclination of consumers toward a luxurious lifestyle will benefit the market during the forecast period.
COVID-19 Impact Analysis
Every industry has been affected by the COVID-19 pandemic. Tourism has been hit hard around the world, affecting other connected industries such as travel agencies, hotels, tour operators, and various modes of transportation. Due to various travel restrictions, approximately 90% of the world's population adapted to their new lifestyles by staying at home and working remotely. As a result, the tourism industry ceased operations. In August 2020, the World Travel and Tourism Council (WTCC) published an article estimating that the COVID-19 pandemic will cost the tourism industry nearly $25 billion in revenue and nearly 100 million jobs globally. Thus, the COVID-19 pandemic poses a threat to the airport retailing market.
Regional Analysis
Region-wise, the Asia-Pacific in airport retailing market is forecast to emerge as the largest airport retailing market. It is owing to the presence of prominent local tourist destinations. Furthermore, growing disposable incomes, changes in consumer lifestyle, and growing tourism industry will fuel the growth of the airport retailing market during the study period.
After the Asia Pacific, Europe is expected to emerge as the second-largest market for airport retailing. In addition to that, North American airports are also investing heavily in enhancing the visitor experience through advancements in boarding, lodging, catering, parking, and advertising. Thus, it will significantly contribute to the growth of the airport retailing market during the study period.
Competitors in the Market
Market Segmentation
The global airport retailing market segmentation focuses on Product, Airport, Distribution Channel, and Region.
By Product Outlook
By Airport Size Outlook
By Distribution Channel Outlook
By Regional Outlook
