Apac tipped to fuel global airport retail market recovery

Photo from Inside Retail Asia

By Inside Retail Asia

Asia Pacific’s airport retail market is projected to grow to US$33.8 billion by 2026, driving the global market to $63.4 billion thanks to a compound annual growth rate of 7.8 per cent.

According to GlobalData, the growth will be driven by the increase in retail space and passenger numbers as cross-border travel resumes and the relaxation of lockdown and duty-free regulations. GlobalData’s latest report found the number of passengers in Apac will surge by 33.9 per cent this year, resulting in a boost in retail sales. However, it does not expect pre-pandemic levels to return until 2024.

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