Airport retail to boom in Asia
Asia Pacific will have the fastest growth in airport retailing sales over the next six years.
That’s according to a report by retail consultancy Verdict which predicts Asia Pacific passenger numbers to increase 37.8 per cent in the next six years and their spend per passenger to rise from $7.78 to $11.37.
Airport retail in Europe and North America are tipped to pick up again as the economy shows signs of improvement.
“Beauty products and alcohol are set to benefit the most from rising passenger numbers – seeing an increase in global sales of 109.9 per cent and 73.4 per cent respectively up until 2019,” said Verdict analyst Carly Syme.
“With global airport retail sales set to surge over the next six years there are huge opportunities for retailers to grow their presence in existing countries as well as expand into new regions, particularly in Asia Pacific where spend per passenger is expected to almost double between now and 2019,” said Syme.