By 2028, the global travel retail market is anticipated to reach $145.0 billion, growing at a CAGR of 14.9%. The demand for travel retail services is boosted by the substantial growth of the travel and tourism industry, particularly medical tourism. With over 140,000 people directly engaged in the travel retail sector and $36.8 billion in sales in 2018, the Asia Pacific region is, without a doubt, the driving force behind the $78 billion global travel retail market. This represents a growth of 23.3% from 2017.
The demand for apparel, cosmetics, food, and electronics in the travel retail industry has increased due to the growth in travel and tourism. Additionally, the rise in urbanisation and changes in lifestyle are significant factors anticipated to fuel the expansion of the travel retail market. Additionally, improving economic conditions and increasing middle-class disposable income significantly contribute to the market's growth. Additionally, elements like technical developments support the market's expansion. However, the development of the potential travel retail market prospects would be hampered by unstructured local marketplaces and stringent government rules connected to airport retailing. Furthermore, the industry is anticipated to develop as the population of millennials rises.
In this edition APAC CIOoutlook, we present the list of the top 10 travel retail solution providers in APAC for the year 2022. Best Western and iClick Interactive are some of the prominent travel retail solution providers in the region. We also bring to you thought leadership articles and exclusive insights from expert CIOs and CXOs - Frank Bonini, SVP/ CIO, Cordish Global Gaming and Live! Casinos & Hotels, Jason Abdullah, Corporate Director of Digital Marketing, Pacific Hospitality Group, presenting their views and opinions on how organizations can incorporate changes. We hope the valuable insights from industry thought leaders and the travel retail solution providers featured in this edition help you make informed decisions for your organization.
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