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The duty-free retail market remains a small but dynamic channel. Ignored by many in the FMCG world, it has become a vital source of revenue and profit for tobacco, spirits and beauty and personal care players. However, as the industry has matured, it has repositioned itself as a viable luxury channel by losing the “cheap cigarettes and alcohol” image. This global briefing explores the numbers and trends around duty-free to better understand where the channel is expected to head by 2016.
With a CAGR of 7%, the duty-free retail market has delivered consistent strong growth since 2000. This success has been despite major terror incidents, regulatory changes in the EU and the worst recession since 1929. With further investment planned and traveler numbers expected to rise, duty-free retail is forecast to grow strongly to 2016.
Whilst duty-free retail occurs through a multitude of channels, including in-flight retail, the vast majority of duty-free sales occur through airports. The indications are, however, that on-board duty-free is likely to be one of the fastest growing channels due to a boom in the luxury cruise market.
The mix of travelers flowing through airport terminals is changing. Bolstered by a rising middle class, affluent travelers from across the developing world are beginning to form a much more important segment for duty-free retailers to cater to, and Chinese consumers, in particular, are of great interest given the growing importance of luxury in the duty-free retail world.
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