Europe travel retail market size is expected to grow at a rate of 7.2% through 2025 and is expected to reach $39.60 billion
PORTLAND, OREGON, USA, Aug. 8, 2022 /EINPresswire.com/ — Allied Market Research recently released a report titled “Europe Travel Retail Market by Product (Perfume & Cosmetics; Wine & Spirit; Electronics; Luxury Goods; Food, Confectionery and Foodservice; Tobacco; and Others) and Canal (Airport; Cruise Ship; Railway Station; and Border, Downtown and Boutique Hotel): Opportunity Analysis and Industry Forecast, 2018-2025″. European travel retail accounted for $23.03 billion in 2017 and is expected to bring in $39.60 billion by 2025, registering a CAGR of 7.2% from 2018 to 2025.
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Key drivers of the European travel retail market include improved consumer lifestyle towards apparel, luxury goods, high-end perfumes and cosmetics, increasing disposable income, and rapid growth in urbanization. However, the rise in terrorism and crime along with strict government regulations, especially for airport purchases, are hampering the expansion of the industry. On the other hand, increased efforts to develop the travel and tourism sector in the region are expected to open up profitable opportunities soon.
The travel retail market has grown steadily in recent years. Europe is one of the largest travel markets in the world. The adoption of designer and high-end clothing, exotic fragrances, and organic skin care products has seen significant growth, due to population growth and economic stability.
The perfumes and cosmetics segment dominated the market
The perfumes and cosmetics segment takes the lion’s share, contributing almost one-third of the total market, due to the increase in travel and tourism due to the increase in disposable income, change in lifestyle consumers and rapid urbanization. However, the luxury goods segment is expected to show the fastest CAGR of 9.5% during the forecast period, early adoption of high-end lifestyle and huge growth potential in the market. in development. The report also includes an in-depth analysis of other segments such as food, confectionery and catering, electronics, wine and spirits, luxury goods, tobacco and others.
Border Stores, Downtown and Hotel Segment to Register Fastest CAGR by 2025
The border stores, downtown and hotels segment is expected to register the fastest CAGR of 7.6% during the forecast period, due to its price advantages due to variations in tax and currency fluctuations. and the availability of a wide range of products for customers. However, the airport segment held the largest share, accounting for nearly three-fifths of the total market, owing to the large number of captive consumers. The report offers an analysis of other segments such as cruise liners and train stations.
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The UK held the largest share
The market across the UK held the largest share, contributing more than a quarter of the market, due to its stronger base of luxury goods and the presence of some of the biggest brands in clothing and cosmetics. . However, the market across Germany is expected to show the fastest CAGR of 10.8% during the forecast period. The report includes market analysis in other regions such as France, Italy, Spain and the rest of Europe.
Additionally, Europe is one of the largest markets for travel retail, due to its stronger base of luxury goods. It is expected to witness notable growth at a CAGR of 7.2% during the forecast period. The region has some of the biggest clothing and cosmetics brands, namely LVMH in France and H&M in Sweden, which have a large share of the luxury clothing, perfume and cosmetics sector, making it one of the main travel retail markets. High net worth tourists from the Middle East, China, the United States and Russia are contributing significantly to the growth of the European travel retail market. Historical home of most luxury houses, the European market represents nearly 23 billion dollars of the travel retail sector.
The luxury goods segment is expected to grow at a CAGR of 9.5% during the forecast period.
The airport segment accounted for more than half of the market in 2017 and is expected to grow at a CAGR of 7.2%.
Germany accounted for a significant market share in 2017 and is expected to grow at the highest CAGR of 10.8%.
Main market players
The Europe travel retail market report provides an in-depth analysis of major market players such as daa Plc., Autogrill SpA, Flemingo International Ltd., Dufry AG, Lagardère SCA, Gebr. Heinemann SE & Co. KG, RegStaer, LVMH Group, TRE³ and WH Smith PLC.
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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