Asian travel retail boom rolls on
The duty free and travel retail industry in Asia Pacific continues to boom, reaching sales of US$18.6 billion in 2012 – up 16.3 per cent on a year earlier.
Global sales grew US$49 billion and are projected to reach US$64 billion by 2015.
The buoyancy of the Asia Pacific market created the backdrop for the annual industry TFWA Asia Pacific Conference & Exhibition in Singapore. A number of major international brand companies – 253 – representing thousands of brands were present on the exhibition floor, occupying 8200 sqm of stand space, more than ever before in the 18-year history of the event.
Fragrances and cosmetics led the breakdown at 23 per cent, followed by wine and spirits at 17 per cent, fashion and accessories at 16 per cent, jewellery and watches at 14 per cent and confectionery and fine food at 13 per cent. Tobacco accounted for seven per cent of stands, gifts and toys at four per cent and electronics at two per cent.
Exhibitors included the owners of many of the most prestigious luxury brands in the world and, with their smaller neighbours, they shared one ambition: to expand their business in China, India, Taiwan, Vietnam and the other fast developing countries in Asia in addition to the established duty free and travel retail markets such as Singapore, Malaysia, Japan and Australia.
The TFWA Asia Pacific Conference & Exhibition is the regional version of the global TFWA World Exhibition which took place in France in October.