Impact of COVID-19 on the Global Duty-Free Market – Coronavirus (COVID-19) Hot Topic

2020-08-05
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Published : Aug-2020
No. of Pages : 31

Impact of COVID-19 on the Global Duty-Free Market – Coronavirus (COVID-19) Hot Topic

Summary

This report provides an overview of the Impact of Covid-19 on the global duty free retailing which includes key trends, retailer reactions and post Covid-19 outlook.

The global duty-free market is expected to reach US$90.9 billion in 2023 (0.4% of total retail), growing at a CAGR of 8.7% during 2018-2023.

Scope

– Travel bans and strict quarantine measures will deter non-essential travel, decimating the duty-free industry
– Duty-free sales are not expected to tie back to pre-crisis forecasts for at least five years
– US$19.9bn of spend lost in South Korea and China in 2020 accounts for more than the total decline in Europe and Americas combined, highlighting the channel’s reliance on a few key markets
– Travel restrictions and low consumer confidence in traveling will have a lasting impact on the global duty-free market
– Authorities in Asia support duty-free operators through this period of weak traffic and demand
– Retailers are devising strategies to stay relevant during the crisis

Reasons to Buy

– Gain a comprehensive view of the Global Duty Free market and forecasts to 2024
– Explore new opportunities that will allow you to align your product offerings and strategies to meet demand following the impact of Covid-19 on the Global Duty Free market.
– Investigate current and forecast trends in Apparel to identify the opportunities offering the most potential
– Understand who the main competitors are in the market and their price positioning
– Analyze the recommended actions to align your marketing strategies with the crucial trends influencing consumer behaviour

Filed in: Apparel, Consumer Goods
Publisher : GlobalData
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