Duty Free Retailing Market is set to rise on a transitional note with the partnership between 3Sixty Duty Free and Grab which aims to provide pre-order service

 

Duty Free Retailing Market

Duty free retailing market is rising due to an increase in people's desire for distinctive and adventurous tourism experiences, as well as an increase in middle-class people's income and a rising desire to spend more money on shopping. Likewise, growing airport investment to boost retail outlets, as well as the construction of new airports, are likely to generate profitable prospects for the duty free retailing market. In February 2021, Hainan Tourism Investment Duty Free Co. Ltd. partnered with Lagardere Travel Retail to aid expansion of duty-free retail stores across China.

Duty free retails offer shoppers the benefit of buying products without paying any duty or tax. Duty-free retailing is buying of products in stores existing at ferries, cruise, and airports where there is no tax levied on the sold items. Duty free retails are not outlets that sell regular products to customers, but those that have an agreement with the government to sell duty-free items only. A duty free retails is a retail outlet open in airports and ports that sell free entry for shops showing imported goods. In October 2020, a major travel retailer company, 3Sixty Duty Free, partnered with Grab, an e-commerce platform, to offer a pre-order service for customers which will allow them to collect products from the store.

Duty-free retail outlets have entered into agreements with airlines, hotels, and the port authorities allowing them to display the latest items on their storefronts. The government encourages such sales by granting exemptions from taxes on purchases by the general public.

Due to the rapid decline in tourism caused by the COVID-19 outbreak, the duty free retailing market was heavily affected in 2020. The tourist industry has already begun to feel the effects of the crisis on its operations. In addition, strict regulatory laws and linguistic barrier between vendor and consumer are limiting the scope for the duty free retailing market.

Based on the region, Asia Pacific is experiencing a remarkable surge in the duty free retailing market, on account of increasing volume of low-cost carriers (LCCs), advent of newer airline routes, and rising purchase power of middle-class citizens of China and India. Similarly, due to initiatives such as smart-airports combined with changing lifestyles and rising demand for premium products in the province, North America is also gaining traction in the duty free retailing market.


Location: India

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