GCC Duty-Free Retailing Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “GCC Duty-Free Retailing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the GCC duty-free retailing market share, report, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The GCC duty-free retailing market is projected to exhibit a growth rate (CAGR) of 10.50% during 2023-2028.
Duty-free retailing refers to the sale of goods to international travelers without the imposition of local import duties, taxes, or customs tariffs. It comprises various luxury stores typically located at international airports, seaports, and border crossings, and they provide a unique shopping experience for travelers by offering a range of items, often at reduced prices. It enables travelers to buy a wide range of products, including clothes, shoes, handbags, clutches, belts, sunglasses, luxury perfumes, scarves, shawls, and even high-quality and unique home décor items like curtains, rugs, carpets, and cushions. It also offers a wide variety of chocolates, dry fruits, and other consumable items that travelers purchase as souvenirs. It is heavily regulated by customs and border control authorities to ensure compliance with international trade laws. It attracts tourists and encourages spending. It contributes to the local economy by generating revenue and employment opportunities. It also allows brands to reach an international audience of travelers, increasing brand recognition and demand.
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GCC Duty-Free Retailing Market Trends and Drivers:
At present, the increasing demand for exclusive, premium, and luxury products among individuals who are traveling internationally represents one of the crucial factors impelling the growth of the market in the GCC region. Besides this, the adoption of e-commerce platforms, virtual storefronts, and mobile applications, offering travelers the convenience of pre-ordering duty-free goods and obtaining them seamlessly at the airport or border crossings is contributing to the market growth. In addition, the increasing emphasis on eco-friendly and ethically sourced products, driven by evolving buyer preferences for environmentally conscious shopping and stringent regulations and standards that encourage duty-free retailers to reduce their carbon footprint and engage in ethical sourcing, is offering a favorable market outlook in the region. Furthermore, the role of data analytics and customer insights in shaping the duty-free shopping experience. Retailers are leveraging data-driven solutions to gain a better understanding of buyer preferences, behaviors, and purchase patterns, thereby tailoring their product offerings and marketing strategies to create a more personalized shopping experience.
GCC Duty-Free Retailing Market 2023-2028 Analysis and Segmentation:
The report segmented the market on the basis of region, product type and distribution channel.
Product Type Insights:
- Beauty and Personal Care
- Wines and Spirits
- Fashion Accessories and Hard Luxury
Distribution Channel Insights:
- Saudi Arabia
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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