The latest report by IMARC Group, titled “Asia Pacific Duty-Free Retailing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The Asia Pacific duty-free retailing market size reached US$ 42.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 65.3 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.
Duty-free retailing refers to the sale of goods to international travelers without the imposition of certain import duties, taxes, or tariffs that are typically levied on products when they cross international borders. These retail establishments are often located in international airports, seaports, or border crossings, and they cater to passengers departing from or arriving in a foreign country. It is a common practice for travelers looking to purchase several products, from luxury items, including perfume and designer fashion, to everyday goods, such as electronics and alcohol. It is typically operated by third-party retailers or airport authorities and is subject to strict regulations to ensure compliance with international trade laws. These regulations vary from country to country but generally involve limitations on the quantities of certain goods that travelers can purchase duty-free. Additionally, travelers are often required to show their passports, boarding passes, and travel itineraries to prove their eligibility for duty-free shopping.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/asia-pacific-duty-free-retailing-market/requestsample
Asia Pacific Duty-Free Retailing Market Trends and Drivers:
The Asia-Pacific duty-free retailing market is primarily driven by the rising disposable income across the region. In addition, with the improving living standards, a growing middle class, and a rise in affluence, consumers have more financial resources to spend on luxury and premium goods, often found in duty-free stores, thus influencing market growth. Moreover, the significant expansion in the tourism industry in countries such as China, Japan, South Korea, and Thailand represents another major growth-inducing factor. As a result, there has been a growing number of international tourists visiting these countries, leading to higher demand for duty-free shopping experiences. Besides this, the rapid expansion of airports and the modernization of existing ones encouraged duty-free retailing, as airports are focusing on providing numerous duty-free shops, making it convenient for travelers to shop for products without the burden of customs duties and taxes, which is accelerating market growth. Along with this, the integration of e-commerce and omnichannel retailing has extended the reach of duty-free retailers, allowing travelers to pre-order products online and pick them up at the airport, making the shopping process more convenient and efficient, further propelling the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product Type:
- Fragrances & Cosmetics
- Alcohol & Spirits
- Fashion & Accessories
- Tobacco Goods
- Watches & Jewellery
- Confectionary & Fine Food
- Electronics
- Others
Breakup by Distribution Channel:
- Airports
- Border Shops
- Seaports
- Onboard Aircraft
- Railway Stations
- Others
Breakup by Country:
- China (including Hong Kong)
- South Korea
- Japan
- India
- Singapore
- Thailand
- Australia
- Indonesia
- Taiwan
- Others
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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