Following a drop in sales in 2009 the global airport retailing market has bounced back. However, growth is being driven predominantly by passenger volumes, which are increasingly rapidly in emerging markets, rather than an increase in spend per passenger. In 2011, Europe was the largest airport retailing market, however Verdict forecasts that it will be overtaken in size in 2012 by Asia Pacific.
The global airport retailing market is forecast to expand by 44.5% from 2010 to 2015 with most of this growth coming from emerging economies especially in Asia Pacific, which is forecast to grow by 76.2%, and the Middle East and Africa which is forecast to grow by 40.0%.
Fashion and accessories is the largest product category accounting for 25% of global airport sales in 2010. Sales of fashion and accessories have increased rapidly in recent years driven by the strong appetite for luxury brands in Asia Pacific. In 2010 this region was responsible for 45.6% of fashion and beauty sales at airports.
Walk through stores in airport terminals are growing in popularity. The format enables retailers to create an environment through which all consumers must pass to reach their departure gate. The shops, which tend to include flight information screens, are effective at targeting time scarce consumers.