Ireland-based Research and Markets forecasts that the global duty-free retailing market will grow at a CAGR of around 9 per cent during 2015-19. Surge in international travellers is the main growth-driver for the growth of this market. The number of foreign travellers during 2014 was around 1 billion, with Europe emerging as the most popular destination, the report mentions. The Asia-Pacific region accounted for 38 per cent of the market share during 2014 and is likely to grow at a CAGR of 11 per cent during the forecast period. South Korea, China, Hong Kong, Singapore and Thailand are the key countries that are driving the sales in this market. South Korea and China contribute around 20 per cent of the global revenue from duty-free retailing, the report adds. However, it is also being observed that limitations on the baggage weight might daunt the growth of this market. The report also states that fashion, accessories, and hard luxury segment dominated the duty-free retailing market during 2014 with a market share of around 32 per cent, and the same is expected to continue in 2015-19 period. The section is predicted to hold its market supremacy until the end of 2019, growing at a rate of 11 per cent. Costly jewellery, briefcases, handbags, and shoes will be the growth-driving products in this segment.
