New market research forecasts that the North America airport retailing market is expected to grow from $4.15 billion in 2015 to $9.90 billion by 2020.
MicroMarket Monitor, a market research firm based in India, has issued a report forecasting that the North America airport retailing market will grow at compound annual growth rate (CAGR) of 19.0% from 2015 to 2020.
According to the new Market Research Report “North America Airport Retailing Market By Category (Liquor & Tobacco, Perfumes & Cosmetics, Fashion, Food & Confectionery), By Type (Direct Retailer, Department Store, Specialty Retailer, Supermarkets), By Airport Size, By Geography – Forecast to 2020, the North America* airport retailing market has been increasing due to the rise in international air traffic to/from the US, and totaled more than 80 million passengers in 2015, a 5% increase compared to the previous year.
Canada air traffic was 27.5 million in 2015, up 7% on year-on-year basis.
The report claims that the proportion of duty free airport retailing market in North America accounted for more than 25% of the global duty free airport retailing market in 2015.
The North America duty free market grew by 16.3% in 2014, compared to 2013. The U.S. was the top performer in this market, due to increase in the number of flights that further results in rise in footfall at airports, says the report.
MicroMarketMonitor notes that airports are investing heavily in optimizing revenue per visitor, by providing an enhanced retailing experience with various facilities, such as parking, boarding, lodging, catering, and advertising.
North American airports are also focusing on promotional activities such as events, digital advertising, campaigns, and press activities, to boost duty free retail shopping and enhance product visibility. Numerous airports and duty free operators have also developed mobile apps to provide passengers a convenient shopping experience, as well as about the availability of nearby shops & restaurants, says the report.
For more information on the in-depth report, please go to http://www.micromarketmonitor.com/market/north-america-airport-retailing-7053503526.html