New market research forecasts that the North American airport retailing market is expected to grow from $4.15 billion in 2015 to $9.90 billion by 2020.
The prediction, outlined by MicroMarket Monitor, is based on a compound based annual growth rate (CAGR) of 19% between 2015 to 2020 and looks at the market by retail category, store type and airport size.
It claims that the North America airport retailing market has been increasing due to rise in international air traffic to/from the US, which totalled more than 80 million passengers (+5%) in 2015.
Furthermore, it says, Canada also witnessed air traffic of more than 27.5 million passengers, a 7% increase on year-on-year basis.
In North America, it states, the proportion of duty-free airport retailing market is estimated to account for more than 25% of the global duty-free airport retailing market in 2015.
It claims that this market in North America grew by 16.3% in 2014 compared compared to 2013.
The US, it says, was the top performer in this market, due to increase in the number of flights that further results in rise in footfall at airports.
With regards to airports, the report notes that airports in North America are focusing on various promotional activities such as events, digital advertising, campaigns, and press activities to boost duty-free retail shopping and enhance product visibility.
It reveals that a number of airports and duty-free operators have developed their own mobile apps to “provide passengers a convenient shopping experience”.
“These applications facilitate passengers to buy and choose from the available product portfolio, acquire updates on exclusive offers, and gain information about the availability of nearby shops & restaurants,” it says.