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(IT-NEWSWIRE.COM, November 22, 2018 ) According to a report by Airports Council International, emerging economies, including China, India, the United Arab Emirates, and Indonesia, are likely to account for more than 60% of the global air passenger traffic by 2040. With the increasing air activities in developing countries, regions such as Asia Pacific and Middle East & Africa (MEA) remain one of the leading attractions for airport retailing consumer electronics vendors.
This is expected to encourage players in the Airport Retailing Consumer Electronics Market to expand their footprint in MEA and Asia Pacific in the upcoming years. Dufry AG, a Swiss travel retailer and a leading player in the Airport Retailing Consumer Electronics Market, recently signed a new contract to operate a 2,300 m˛ with two duty-free stores at Perth Airport Pty Ltd (PAPL), Australia. The company’s goal to establish a stronger foothold in Asia, Eastern Europe, Middle East, and Australia is underpinned by its significant investments in its travel retail stores at popular airports in these regions, such as Sharjah International Airport.
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Tier I vendors of airport retailing consumer electronics continue to consolidate their position market, as high initial investments remains a major barrier to entry for start-ups and new entrants. Established players in the airport retailing consumer electronics market, such as Dufry AG and Dubai Duty Free, hold nearly half the revenue share of the market.
Tier II companies in the airport retailing consumer electronics market lack capital to expand in the market, despite having a significant regional penetration across the globe. Market leaders are investing heavily in advanced technologies and infrastructure to attract more consumers are highly-crowded airports. Eventually, with the increasing expansion of leading market players, the airport retailing consumer electronics market is likely to remain highly concentrated in the upcoming years.
Another player in the airport retailing consumer electronics market – Royal Capi-Lux recently announced to have signed a contract to open a consumer electronics store covering 447sq m of space at Abu Dhabi International Airport’s new Midfield Terminal. The company has already opened a franchise electronics store at Muscat International Airport’s new terminal, which has capacity for 20 million passengers a year. Market players are sensing highly lucrative growth opportunities at large and busy airports in emerging economies, which is redefining the growth prospects of the airport retailing consumer electronics market in developing countries.
Challenges Prevail in Improving Airport Retailing Consumer Electronics Sales at Less Ubiquitous Airports
Retailers are still struggling to establish a stronger position in the airport retailing consumer electronics market, despite the recent positive developments in the airport retail industry. Market players are becoming more aware about the fact that airport retailing consumer electronics business models that work for busy airports may misapply for less-popular airports.
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Market players continue to face barriers in enhancing the consumer footfall in airports at obscure and less-discovered tourist destinations, amid increasing growth of the e-commerce industry. In order to improve sales at less ubiquitous airports, vendors in the airport retailing consumer electronics market are focusing on unique end-user requirements. Airport retailing consumer electronics market players are adopting strategies to address critical needs of diverse consumer groups, envisaging positive growth at less crowded airports.
Market Players Adopt Innovative Strategies to Improve Convenience and Customer Experience
Leading vendors in the airport retailing consumer electronics market are shifting their focus on providing world-class shopping experience to passengers. Market leaders are directing their efforts into acquiring important travel data of various airports to measure passengers’ attitude and behavior and identify the high-spending consumer groups arriving at various airports. Stakeholders in the airport retailing consumer electronics market advanced technologies and unique retail strategies to create an appealing Omnichannel customer experience for travelers.
Growing importance of consumer convenience and shopping experience is encouraging airport retailing consumer electronics vendors to offer goods delivery services. For example, airport retailers at the Frankfurt Airport are offering home delivery services to passengers who purchase goods on the airport’s online shopping platform. Incorporating such online purchasing platforms is enabling airport retailing consumer electronics suppliers to offer more convenience for customers with multiple product delivery options.
Large and busy airports worldwide are concentrating on leveraging the potential of non-aeronautical or commercial income from airport retail activities, as it serves as an important source of funds for investment. Additionally, purchasing trends of air transport passenger have extended beyond shopping for food, beverages, and kitschy souvenirs to luxury retails and purchasing consumer electronics, creating lucrative avenues for vendors of airport retailing consumer electronics. Furthermore, duty-free imported consumer electronics, exclusive products, and credible brands continue to coax consumers to indulge into unplanned buying, which is expected to accelerate sales of airport retailing consumer electronics in the coming future.
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