Published Date : Sep 06, 2016
ALBANY, NY, Sep 06, 2016 - MarketResearchReports.biz has announced the addition of a new report on the duty free retailing market in Europe to its vast base of research studies. The report, titled “Duty Free Retailing In The Europe, 2015-2020: Market Dynamics, Retail Trends, And Competitive Landscape,” presents a comprehensive assessment of this market with special emphasis on trends and growth prospects during the period from 2015 to 2020.
According to the study, the duty free retail market in Europe was severely affected by the Eurozone crisis in the recent past. However, the swift recovery of the economy is likely to reflect positively on this market in the coming years. Supported by the rise in international arrivals, coupled with the expansion of airport retail space, the Europe duty free retailing market is expected to expand at a CAGR of 4.70% during the period from 2015 to 2020.
Apart from this, the increase in spending from travelers from emerging economies, who splurge on purchasing duty free luxury goods to benefit from favorable exchange rates, is also projected to drive this market significantly in the coming years, notes the research study.
The report broadly analyzes the Europe duty free retailing market two fronts: The retail business and the country. In terms of retail business, health and beauty products are registering significant growth at a CAGR of 6.40% during the forecast period.
The integration technology in retailing, the advent of new brands, and the allocation of expanded retail space are likely to contribute to the growth of this segment over the next few years, states the market report.
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On the geographical front, the U.K. has emerged as the market leader. In 2014, it acquired a share of 24.8% in the overall market. Driven by the rise in tourism, the increasing expenditure from tourists, and the modernization of duty free outlets, the duty free retailing market in the U.K. is expected to retain its position and expand at a CAGR of 4.60% over the forecast period.
On the other hand, at 6.60%, the duty free retailing market in Poland is likely to register a higher cumulative average growth rate than other domestic markets between 2015 and 2020. The rising visits from Asian travelers, the opening of new duty free stores, and the expansion of retail space in airports are projected to boost the Poland market for duty free retailing over the next few years, states the research study.
The study also presents an assessment of the competitive landscape of the Europe duty free retailing market. Some of the key players in this market, mentioned in this report, are Inflight Sales Group, Dufry, Gebr. Heinemann, LS Travel Retail, Aer Rianta Ireland, The Nuance Group, World Duty Free, and Schiphol Airport Retail.
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