Singapore Travel Retail Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 53 Billion |
| Market Size (2029) | USD 79.5 Billion |
| CAGR (2024 - 2029) | > 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Singapore Travel Retail Market Analysis
The Singapore Travel Retail Market size is estimated at USD 53 billion in 2024, and is expected to reach USD 79.5 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
Travel retail, also known as duty-free, is a sales procedure comprising commercializing goods relating to various product categories. This sales channel comprises goods that have not had the taxation or excise applied to their sale price and are on sale to customers who are travelers. Travel retail is a retailing channel that provides products to international travelers.
Famous duty-free areas in Singapore’s Changi Airport have become destinations in themselves with their high per-passenger spend for duty-free, helping the market grow. Duty-free operators in airports are also increasingly offering online ordering and in-store pick-up services; for example, duty-free retailers in Singapore offer this service that enables travelers to order duty-free products online from multiple retailers for pick-up when they travel or for delivery upon their return. Singapore is a major hub for the region’s luxury shoppers, and Laneige has been seeing strong growth in travel retail ever since. The impact of the pandemic on the Singapore economy was significant and was seen in the travel retail market due to lockdown restrictions. Further, in recent years, the market has improved and will return to the pre-pandemic level in the near future.
Singapore Travel Retail Market Trends
Tourist Arrivals in Singapore is Driving the Market
Singapore remains an ideal location for leisure and business travel, meetings, incentives, conferences, and exhibitions. Asian visitors continued to constitute a significant proportion of visitor arrivals to Singapore. Singapore Changi Airport, on the other hand, offers a more horticultural airport experience, boasting a sunflower and water lily garden as well as a cinema and rooftop pool. Visitor arrivals continued to increase as Singapore remains an attractive destination to both leisure and corporate travelers. Singapore Airlines recently increased the amount of time in which passengers can place pre-orders online prior to departure. International travelers have access to a variety of products including fashion and accessories, alcohol, fragrances and cosmetics, food and confectionery, tobacco, and jewelry and watches. Duty-free and travel retail products are purchased by locals and visitors alike when leaving or arriving in a country.
International Consumer Spending is Driving the Travel Retail Market
Consumer spending is driving the Singapore travel retail market. Some of the leading companies are expanding their businesses by opening their outlets at the airport with an exclusive and wide range of fragrances and skincare products. This is because billions of people travel internationally every year and spend money and time at airports. Travelers get a lot of free time at the airport to browse and buy products. In addition, travel retail creates more visibility for their products, which draws the attention of new customers and increases the brand loyalty of existing customers. Passengers traveling over distances mostly prefer wines & spirits. Also, the growth in the culture of owning luxurious goods and consumption of expensive wines & other products are driving the growth of the market.
Singapore Travel Retail Industry Overview
Singapore's travel retail industry is fragmented in nature, as many players are present in the market. The report covers major international players operating in the Singapore travel retail industry. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Some of the major players in the market are Lagardere Travel Retail, WH Smith, DFS, Gebr. Heinemann, and Lotte Duty Free.
Singapore Travel Retail Market Leaders
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Lagardere Travel Retail
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WH Smith
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DFS
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Gebr. Heinemann
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Lotte Duty Free
*Disclaimer: Major Players sorted in no particular order
Singapore Travel Retail Market News
- September 2023: Lagardere Travel Retail acquired Tastes on the Fly, which operates restaurants and food and beverage concepts. The acquisition helps Lagardère to grow its food service expertise.
- July 2023: DFS Group, a global luxury travel retailer, launched a series of exclusive experiences that offer guests personalized shopping journeys leveraging AR and AI technology. This will help the company to capture more market share.
Singapore Travel Retail Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Tourism Across The Globe
4.2.2 Growing Airport Infrasturcture
4.3 Market Restraints
4.3.1 Growth of E-Commerce
4.3.2 Stringent Regulatory Landscape
4.4 Market Opportunities
4.4.1 Integration of Technology and Digital Transformation
4.4.2 Collaborations and Partnership Across the Market
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on Key Trends, Recent Developments, and Technology Innovation in the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Beauty and Personal Care
5.1.2 Wines and Spirits
5.1.3 Tobacco
5.1.4 Eatables
5.1.5 Fashion Accessories and Hard Luxury
5.1.6 Other Product Types
5.2 Distribution Channel
5.2.1 Airports
5.2.2 Airlines
5.2.3 Ferries
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 DFS Venture (Singapore)
6.2.2 WH Smith
6.2.3 Lagardere Travel Retail Singapore
6.2.4 Lotte Duty Free
6.2.5 The Shilla Duty Free
6.2.6 Durfy Singapore
6.2.7 Heinemann Asia Pacific
6.2.8 3sixty duty free
6.2.9 Shiseido Travel Retail
6.2.10 Watsons Personal Care Stores
6.2.11 SMI Retail
6.2.12 Guardian Health & Beauty Singapore
6.2.13 Gassan Singapore
6.2.14 DFASS (Singapore)
6.2.15 Candy Empire
6.2.16 iShopChangi*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER AND ABOUT US
Singapore Travel Retail Industry Segmentation
Travel retail is commonly used to describe the duty-free retail industry and all retail activities dedicated to travelers and tourists. A complete background analysis of the market, including the analysis of market size and forecast, market shares, industry trends, growth drivers, and vendors, is provided. The study also includes insights into market segmentation by product type and by distribution channel. Singapore's travel retail market is segmented by product type into beauty and personal care, wines and spirits, tobacco, edibles, fashion accessories and hard luxury, and other types. The distribution channel segments the market into airports, airlines, ferries, and other distribution channels.
The report offers market size and forecasts for Singapore's travel retail market in terms of value (in USD) for all the above segments.
| Product Type | |
| Beauty and Personal Care | |
| Wines and Spirits | |
| Tobacco | |
| Eatables | |
| Fashion Accessories and Hard Luxury | |
| Other Product Types |
| Distribution Channel | |
| Airports | |
| Airlines | |
| Ferries | |
| Other Distribution Channels |
Singapore Travel Retail Market Research FAQs
How big is the Singapore Travel Retail Market?
The Singapore Travel Retail Market size is expected to reach USD 53 billion in 2024 and grow at a CAGR of greater than 6% to reach USD 79.5 billion by 2029.
What is the current Singapore Travel Retail Market size?
In 2024, the Singapore Travel Retail Market size is expected to reach USD 53 billion.
Who are the key players in Singapore Travel Retail Market?
Lagardere Travel Retail, WH Smith, DFS, Gebr. Heinemann and Lotte Duty Free are the major companies operating in the Singapore Travel Retail Market.
What years does this Singapore Travel Retail Market cover, and what was the market size in 2023?
In 2023, the Singapore Travel Retail Market size was estimated at USD 49.82 billion. The report covers the Singapore Travel Retail Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Travel Retail Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Singapore Travel Retail Industry Report
Statistics for the 2024 Travel Retail in Singapore market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Travel Retail in Singapore analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
