Travel retail market to Garner $145.0 billion by 2028: Allied Market Research
According to a new report published by Allied Market Research, titled, “ Travel Retail Market by Product and Channel: Global Opportunity Analysis and Industry Forecast, 2018 – 2025″,the global travel retail market size was valued at $74.9 billion in 2017, and is projected to reach $153.7 billion by 2025, growing at a CAGR of 9.6% from 2018 to 2025. Perfumes & cosmetics segment has a strong customer base in the global travel retail market. Some of the leading companies, such as Estee Lauder, LOral, Rituals Cosmetics, Revlon, and others, are expanding their businesses by opening their outlets at every international airport with an exclusive and a wide range of fragrances and skin care products. Retailers at travel retail stores are yet to catch-up with the innovations happening outside of their world. Nevertheless, Covid-19 will certainly accelerate transformation of travel retailers especially in contactless payments, loyalty programs, and digitization This is bec...