Development of the travel & tourism industry and rise in disposable income are the factors anticipated to drive the growth of the global market. However, stringent government rules, particularly for airport retailing are anticipated to hinder the growth of the industry during the forecast period.
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The airport duty-free liquor at airport shops have become a favorite destination for travelers who like to shop before starting their journey. This is due to the elimination of local import tax or the duties implemented by the government bodies.
Travel & tourism includes leisure tourism, business tourism, and others. The factors that promote the growth of the travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in number of passengers and frequent fliers, and others, which in turn are expected to fuel the growth of the airport duty-free liquor market. Therefore, these factors are expected to propel the growth of the airport duty-free liquor market in the near future. Continuous growth in global aviation, air traffic, and rise in the tourism industry are the key factors that boost the growth of the airport duty-free liquor market.
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Asia-Pacific has emerged as one of the largest growing and developing nation. Improvement in economic conditions in the region along with growth in disposable income are the key drivers of the market. Therefore, the untapped regions in Asia-Pacific and Oceania possess huge growth prospects in the coming years.
By region, Europe accounted for the highest revenue in 2019 owing to the tourists from the Middle East, China, the U.S., and Russia contributing a significant part in the market. Also, love for travel is experiencing an upward airport duty-free liquor market trends among Germans, which significantly contributes toward the growth of the market.
The key players operating in the global airport duty-free liquor industry focus on prominent strategies to overcome competition and maintain as well as improve their share worldwide. The key players profiled in the report include Brown-Forman, Diageo, Erdington, Bacardi, Heineken, Glen Moray, Accolade Wines, Constellation Brands, Inc., REMY COINTREAU, Pernod, and Ricard.
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