The global Duty Free Retailing Market Growth Accelerated by increasing international passenger air traffic
Duty free retailing refers to the selling of goods without any applicable taxes to international travelers. Duty free goods such as perfumes, cosmetics, wines and spirits, tobacco, luxury goods are sold at airport outlets as well as onboard aircrafts. The global duty free retailing market offers a wide variety of premium and luxury brands at discounted prices compared to normal retail outlets, thereby, attracting a large number of international passengers. The convenience of one-stop shopping and heavy discounts have augmented the demand for duty free products over the years. The global Duty Free Retailing Market is estimated to be valued at US$ 38.95 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: The growing international passenger air traffic has been a key growth driver for the duty free retailing market . According to the International Air Transport