Market Trends of Europe Travel Retail Industry
This section covers the major market trends shaping the Europe Travel Retail Market according to our research experts:
Fragrance & Cosmetics Segment Share is Dominating the Travel Retail Market in Europe
The fragrances and cosmetics segment had a higher share in the overall sales in Europe travel retail which was nearly one-third of the total market. Improved consumer lifestyle toward premium fragrances, and cosmetics, increase in disposable income, and rapid growth in urbanization are the key factors that drive the growth of the segment in the European travel retail market. However, the luxury retail segment is expected to grow fastest owing to a premium lifestyle and huge market opportunity in the luxury product segments.
Airport Retailing is Generating Higher Revenues than other Channels in Europe Travel Retail Market
Airport retailing is one of the biggest retailing sectors in the European travel retail market. Airport retailing has become an important channel for brands to promote and create awareness about products in the market. Airports, as they are unable to generate much profit from airfares, are diversifying to nom- aeronautical segments such as retail, restaurant bars, cafeterias. The high share of the airport in travel retail in Europe is attributed to a greater average number of shops within airport terminals at airports with an increase in the number of passengers at airports. It is expected that the airport size and passenger footfall will continue to rise which will positively impact the airport travel retail market in Europe.
