The duty free and travel retail community assembled last month in the Marina Bay Sands Expo & Convention Center, Singapore for their annual regional summit, a highly successful event which reflected the strength of the industry in the region.
Buyers, landlords, agents and distributors, who serve airports, airlines, ferry, cruise and downtown duty free stores all over the region, flocked to TFWA Asia Pacific Exhibition & Conference (from 11th to 15th May) to update on industry trends and do business with over 260 prestigious exhibiting companies.
The atmosphere throughout the week was purposeful and focused, a mood that echoed the determined progress of the regional business over the last year.
Provisional figures released by Generation AB show that global duty free and travel retail sales in 2013 reached US$60 billion. The Asia Pacific region accounted for US$22.3 billion, 37% of the total, up 12% on 2012 which was well ahead of the global trend of +7.5%. In 1995, when the first TFWA Asia Pacific Exhibition & Conference was staged, the region’s share was 30.5%; over the next decade it is forecast to reach 45%.
Interestingly, in terms of growth, downtown duty free stores delivered the greatest year on year sales growth in the region, unlike most other regions where airport stores are the major driver.
The TFWA event broke records once again for exhibition space, exhibitors and visitor numbers, an outstanding performance that is testament to the dynamism of the duty free and travel retail industry in Asia Pacific.
A total of 2,683 visitors, up 9.4% from last year, visited the show, from 1,022 companies (+1.8%). Of this total, 982 were duty free and travel retail operators and landlords (key buyers), up +8.7% on 2013, from 255 companies (+6.2%).
Source: eTN Global Travel Industry News