PORTLAND, Ore., May 17, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Airport Retailing Market by Product Type (Liquor & Tobacco, Perfumes & Cosmetics, Fashion & Accessories, Food & Beverages, and Others), Airport Size (Large Airport, Medium Airport, and Small Airport), and Distribution Channel (Direct Retailer, Convenience Store, Specialty Retailer, and Departmental store): Global Opportunity Analysis and Industry Forecast, 2021-2027.” According to the report, the global airport retailing industry was projected at $27.5 billion in 2019, and is anticipated to hit $40.5 billion by 2027, registering a CAGR of 12.6% from 2021 to 2027.
Drivers, restraints, and opportunities-
Rise in inclination of people toward unique and exotic holiday experiences, surge in the income of middle- & upper-class people, and growing interest of people to spend more money on shopping fuel the growth of the global airport retailing market. On the other hand, stringent government regulations impede the growth to some extent. Nevertheless, upsurge in the tourism sector, affordable airfares, increased airport investment to expand retail spaces, and the introduction of new terminals are expected to create lucrative opportunities in the industry.
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- The outbreak of the pandemic led to ban on transportation across the world, especially during the first phase of the lockdown….