Faced with a sharp increase in air traffic, airports are expanding their high-end retail offerings. In a context where traditional big-name brands are declining, the terminal is becoming the new temple of luxury shopping.
The airline industry has experienced a real renaissance since the end of the health crisis, driving the travel retail market. In 2023, these airport retail spaces already had a total turnover of $66.3 billion, and could jump to $145.6 billion by 2032, according to Fortune Business Insight. This momentum is driving the luxury goods sector, which has become a strategic asset for many international hubs.
Indeed, the economic potential of luxury goods in airports is considerable. Bain & Company estimates that around 60% of luxury purchases worldwide are made by international travelers.
Also, according to data from London Heathrow Airport, luxury retail outlets located in the airport generate up to 30% more revenue per square foot than those in city centers.
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