The significant growth in airport retail looks set to continue in the future, according the latest data from Forbes, Verdict Retail.
Once something of an afterthought, retail in airports is big business these days, driving significant revenues for airports across the globe. Travel retail has been growing at around 12% a year since 2009 and that growth is only likely to accelerate with a report by Verdict Retailing suggesting that the global airport retail market is set to reach $59.2bn in 2019 – a rise of 72.9% on 2013’s figures.
The fact that airports haven’t been slow to capitalise can be evidenced by the major refits and construction work being carried out at many airports of all shapes and sizes across the world as they attempt to better leverage the huge opportunity presented by slick, carefully planned retail operations.
According to the latest data published by Verdict Retail study, a massive 68% of passengers now choose their travel destination with one eye on the shoppoing opportunities and brands available at a specific airport location.
An even higher percentage – 83% – considered shopping to be “an important part of their trips” while almost every one of the interviewees agreeing that they enjoy shopping when visiting a foreign city.
Perhaps unsurprisingly, duty free shopping is also a big hit with most travellers. Some three quarters of those surveyed by Verdict prefer to buy in Duty Free shops while an even larger number – 78% – said that they prefer to shop on their return trip.