Constantly Increasing Air Travel for Both Business and Leisure Purposes Spurring Sales of Airport Retailing Consumer Electronics: Fact.MR Report
According to a recently updated research report released by Fact.MR, the global airport retailing consumer electronics market is expected to reach US$ 2.08 billion in 2024 and advance further at a CAGR of 7.4% from 2024 to 2034. An ever-increasing number of international air travelers is directly contributing to market growth.
As air travel grows for both business and leisure, airports are evolving into economic centers that include retail. The consumer electronics sector is dynamic, driving higher demand for innovative products. Travelers are always seeking the latest gadgets and accessories, making airports ideal venues for showcasing and selling these innovations. Today's consumers prioritize convenience and experience. Airport retailers are offering passengers a distinctive shopping experience, enabling them to explore and buy electronics without the need to visit conventional stores or await home delivery.
North America is the leading regional market for airport retailing consumer electronics, followed by East Asia. Taking the global average into account, medium-size airports account for over half of the overall sales of consumer electronics, with this percentage only expected to increase over the next decade.
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Key Takeaways from Market Study
“Demand for a unique shopping experience among passengers, allowing them to browse and purchase electronics without having to go to a traditional store or wait for home delivery, is driving airport retailing consumer electronics market growth,”says a Fact.MR analyst.
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Travel and Tourism Industry Driving Businesses of Airport Consumer Electronics Stores
Swiftly growing travel and tourism industry is expected to drive additional growth in the airport retailing market over the forecast period. Travel and tourism encompass a wide range of activities, including business, leisure, and medical care. Growing airport retailing consumer electronics market trends, as well as convenient purchase facilities, all contribute to this growth.
These factors are expected to increase travelers' footprints at airports, thereby boosting the global airport retailing market. Constantly developing the travel and tourism industry and incorporating various sectors such as hospitality into government initiatives to attract more tourists are contributing to the global growth of the travel and tourism industry. This is expected to boost the airport retailing market over the forecast period.
Growth of Travel and Tourism Industry Driving Airport Retailing Consumer Electronics Market
The rapid expansion of the travel and tourism industry is significantly benefiting market players in the airport retailing consumer electronics sector. With travel encompassing business, leisure, medical, and other purposes, the increasing movement of passengers is creating a strong demand for convenient retail options at airports. One of the key trends in this market is the enhanced accessibility of purchasing facilities, which is making it easier for travelers to buy consumer electronics while in transit.
The continuous development of the global travel and tourism industry, supported by various sectors such as hospitality and government-led initiatives to attract tourists, is further driving market growth. As more airports integrate advanced retail solutions and offer seamless shopping experiences, the airport retailing consumer electronics market is expected to witness significant expansion throughout the forecast period.
Security Restrictions and Carry-On Limits Impacting Airport Electronics Retail
Extended wait times between flights provide airport retailers with an opportunity to attract consumers. However, restrictions on carry-on luggage and security concerns often discourage travelers from purchasing larger electronic devices at airport retail stores. Additionally, online retailers and local electronic stores frequently offer more competitive pricing, making airport shopping less appealing to cost-conscious travelers.
Time constraints also limit browsing and shopping opportunities for air travelers. Many passengers now research and purchase electronics before their trip, reducing impulse buys at airport retail outlets. Furthermore, duty-free limitations further impact consumer interest, as travelers may find better deals and greater flexibility when shopping outside of airport retail environments.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the airport retailing consumer electronics market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges insights into the market based on product type (electronics devices, accessories), airport size (large, medium, small), store location (pre-security [landside], post-security [airside], aero cities), and sales channel (hypermarkets/supermarkets, specialty retail stores), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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Consumer electronics are electronic devices intended for everyday use, typically in private homes, including gadgets like smartphones, tablets, and laptops.
CAGR stands for Compound Annual Growth Rate, which measures the mean annual growth rate of an investment over a specified time period longer than one year.
Airport retailing refers to the sale of goods and services to travelers within airport premises, including shops, restaurants, and duty-free stores.
Innovative products are new or improved goods that offer unique features or benefits, often utilizing advanced technology to enhance user experience.
Market growth refers to the increase in demand for a product or service, often measured by sales revenue or volume over a specific period.
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