The global duty free retail market is forecast to reach US$73.6 billion (£47.7 billion) by 2019, according to research presented in The Global Duty Free Retailing market research report for 2014-2019.
The Global Duty Free market was worth $48.7bn in 2014 and is set to grow 51% by 2019 to $73.6bn (£47bn). The Asia Pacific region generates the highest share of sales (43%) with South Korea (13%) and China (9%) leading the world on duty free spending.
The UK is the fourth largest market after the US and generated $3.7bn (£2.4bn) in sales in 2014.
By 2018 the number of outbound international travellers is forecast to reach over a billion, increasing by 142 million since 2013.
The Global Duty Free Retailing Market 2014-2019 report provides a comprehensive view of the Duty Free retail landscape including thorough analysis of consumer trends, category forecasts, key innovative retailers and insights into the changing Duty Free retail dynamics across various product segments.
The report shows personal care and drinks will continue to be the categories with highest expenditure, while the Asia-Pacific region will fuel growth in the global market with sales reaching to US$37.6 billion (£24.3 billion) in 2019.
Growing low cost tourism, the expansion of space and the number of Duty Free stores in various airports, and wider brand availability will enhance channel sales.
In addition The Airport Retail Survey and Luxury Trends 2015-2016 Market Research report showed that overall, 60% of travellers spend 15 minutes or less per visit to a duty paid airport retail outlet.
Respondents also incurred significant expenditure on precious jewellery, briefcases, men’s bags, and handbags during their visits to airport retail outlets.