HYDERABAD, April 3, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “China Travel Retail Market – (2023 – 2028)”, the market is projected to grow at a CAGR of 10 %. China’s tourism retail consumption has changed domestic tourism, and China’s duty-free market will grow by 66.8% year-on-year in 2021. Travel retail is a profitable industry in China due to growing demand for inbound and outbound travel. With the rapid rise of consumers, as tourists are mainly millennials, and the travel retail industry in the country is shifting and attracting more customers.
Airports and airlines are expected to dominate the market:
- Air travel is becoming more and more popular with international travelers.
- Airports and airlines have a major share of the retail travel market due to mandatory 2-4 hour early reporting at certain airports, extended layover times, etc., allowing customers to spend some quality shopping time.
- The airport segment contributes to the growth of the retail travel market due to high air traffic volume and connectivity.
The demand for luxury goods is driving the market growth:
Exemption of duty charges on some products and availability of premium brands in major travel retail destinations such as airports and ferries are contributing to the growth of the travel retail market. The increasing purchasing power of consumers attracts them to purchase more luxury brands and products.
Similarly, due to the impact of import tariffs and price differences, overseas shopping malls and duty-free shops have become the first choice for Chinese consumers to buy luxury goods, such as jewelry, beauty makeup, fashion accessories, top brand clothing, wallets, handbags, etc.
This trend performed exceptionally well during the study period. It is expected to continue to dominate during the forecast period.
who is the key person in it China Travel Retail Market?
In the China travel retail market, the leading players include:
- China Duty Free Group Co., Ltd.
- China Service Corporation
- Shenzhen State-owned Duty Free Group Co., Ltd.
- Lagardère Travel Retail
- DFS Group
- Gebel Heinemann
- Westsmith
- Lotte Duty Free
- Starboard Cruise Service
- China Overseas Chinese Travel Service Company
rightrecent developments In the Chinese travel retail market:
- In February 2022, CNSC reached a cooperation with JD.com and its French partner Lagardère Travel Retail, a joint venture company, to leverage the advantageous resources of all parties to strengthen CNSC’s online and offline tax-free business, cross-border e-commerce and other businesses.
- In May 2022, FAQ debuted in the Hainan Tourist Duty-Free Shopping Center in Sanya, China, which coincided with the May Day weekend and welcomed a large number of shoppers.
In short, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and anyone looking to understand the industry. Visit https://www.mordorintelligence.com/industry-reports/china-travel-retail-market
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