Asia driving global airport retail growth
Asia is at the helm of global airport retail growth, pushed on by a decrease in the cost of travelling and the increase in disposable incomes of middle class families across emerging economies.
According to a recent report from Credence Research, emerging markets such as China and India are investing more money into improving current terminals and building new ones, expanding the retail areas within them.
Meanwhile, the increase in low cost carrier airlines and cheaper travel is boosting flying figures across Asia Pacific, the report said.
The APAC region made 40.5 per cent of revenue share last year. It is forecast to have the fastest growth, particularly in India, China, Australia and Southeast Asia countries, according to researchers.
The most significant airport retail category is fashion and accessories, accounting for more than half of revenues recorded. The segment can still expect more growth, added the report.
Major retail players in the industry include Aer Rianta International, Autogrill, Dubai Duty Free, Dufry, Duty Free Shoppers, Heinemann, LS Travel Retail, Lotte Duty Free, Nuance Group, Shilla Duty Free and Stellar Partners.
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