According to the
report analysis, ‘Duty
Free Retailing In Europe, 2017-2022: Market & Category Expenditure And
Forecasts, Trends, And Competive Landscape’ suggests that Europe is the
second largest duty free market, supported by its rich heritage and its position
as a large tourist region. Moreover, its emergence as the most preferred
tourist region for Chinese travelers and UK’s exit from the EU drives the duty
free sales further in the region. The decline in duty free sales in Europe
during 2012-2017 is largely due to the terrorist attacks in the region, which
deterred tourists from visiting the region. The higher growth rate in the
European duty free market during 2017-2022 will attributed to the reviving of
tourists visit, growing Chinese spending in the region, growing UK duty free
sales on the back of rising traffic post Brexit, and opening of new duty free
space in the region.
Duty free retail is a
unique selling channel in which exemption is allowed on the national taxes and
duties on the products which are sold to travelers. Most importantly the duty
free retail shops are opened to cater more and more international tourists and
travelers and it is provide an alternative solution to meet passenger’s demand.
Whereas, the duty free retail outlets are most found on the sea ports, in the
international zone of international airports and train stations therefore, duty
free retail outlets are not opened or available on the roads. The goods which
are to be sold on the duty free retail outlets vary by jurisdiction, the
process of calculating the duty or refunding the duty component and how they
can be sold or which are to be sold. In addition, as the demand for tourism is
increasing significantly it will drive landscape of the duty free retail even
more.
The products which are
available on the duty free retail outlets are the clothing, footwear, jewelry,
watches and accessories, luggage and leather goods and others. However, the
personal care is the largest and fastest-growing market in the duty free sales
in Europe. Moreover, some EU territories charge tax on tobaccos and liquors is
lower than in other EU countries due to which the prices still seem competitive
and look like duty-free prices. Moreover, the duty-free retail market is
segmented on the basis of product, location and geography. With the
establishment of new airport terminals and vibrant retail
spaces as retail contributes substantial share in the non-aeronautical income,
thus duty free retail shops play vital role in modern airport terminals. But
there is one barrier in the growth of this market that is a communication gap
between the seller and buyer. Additionally, the travelers who are wealthier in
nature and having a little knowledge about the language of the host country
will always drive the growth of this market. Not only has this, smart airport
initiatives across the globe are also expected to aid the growth of duty-free
retailing in the coming years over the next decades with the significant
increase in the tourism and development in the economic conditions.
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