Airport Retail Sales Flying High
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The airport retail market has seen massive growth – all around the globe, with Asia Pacific, Middle East and Africa being particularly robust.
Datamonitor Retail reported over 60 percent growth forecast (to US$44.1 billion) in the global airport retail market by 2015.
In addition, the study concluded Asia-Pacific is set to overtake Europe for world’s leading airport market in 2015, doubling sales from US$7.8 billion to US$15.2 billion.
The airport retail market has seen massive growth – all around the globe, with Asia Pacific, Middle East and Africa being particularly robust.
Datamonitor Retail reported over 60 percent growth forecast (to US$44.1 billion) in the global airport retail market by 2015.
In addition, the study concluded Asia-Pacific is set to overtake Europe for world’s leading airport market in 2015, doubling sales from US$7.8 billion to US$15.2 billion.
“Low cost airlines such as Malaysia’s Air Asia and India’s Spice Jet and IndiGo have made air travel more affordable to the expanding young urban population in the Asia Pacific region. This combined with ambitious investment in new infrastructure has helped increase footfall in the region and therefore boost retail sales,” Anne Marie Davis, analyst at Datamonitor Retail said.
“To take advantage of this potential, airport retailers will need to rely less on passing footfall. Instead they should engage with consumers more and invest in new channels such as home delivery and Collect on Return services,” Davis added.
