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

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



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 channels 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

Executive Summary
Impact of COVID-19 on duty-free market and forecast
Headlines and Trends
Retailer reactions
International tourist arrival statistics by country post COVID-19
Upcoming projects: Post COVID-19 pandemic outlook
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