From 2006 to 2016: The Striking Growth of Travel Retail
Traditional shopping malls had its way with the 20th century. Big malls with big brands influenced the way we shopped.
But as malls and shopping centers across the globe transform themselves into mixed-use spaces, there is one place where retail opportunities are growing every day- Airports.
Airports are the new malls today, and are starting to make some noise of their own, offering retailers new opportunities to reach audiences that they might otherwise miss.
With consumers always looking for ways to spend their money during travel, travel retail has risen rapidly in the last ten years.
Currently, travellers’ account for 40 percent of global spending on luxury brands, with airport malls accounting for almost 60 percent of the travel retail market. While 96% of travellers enjoy shopping during their visit to foreign countries, 83% of them consider shopping as an important part of their trip.
To understand how marketers can reach out to this audience, Media iQ analysed online behaviour of users who purchased luxury retail products online. We looked at their browsing interests, preferred channel of buying, and top keywords from AiQ Data.
What kind of strategies should you use to target these users, and which is the best channel to use? We’ll answer those questions and more in this insight report- How Travel Is Boosting Luxury Retail
With inputs from Saurabh Menon & Priyanshu Gupta, Insights Specialists.