Global players dominate the African travel retail market. africon advised one of the largest travel retail operators in the world on their Africa strategy. The project aimed to identify the market size, main distribution channels, and new and upcoming projects in the travel retail industry.
Our research revealed that the travel retail turnover experienced a significant drop of 64.3% in 2020. This was primarily due to the COVID-19 pandemic, which caused the cessation of air travel, the implementation of stringent lockdown measures, and a decline in travel demand worldwide. However, the market is forecasted to grow at a CAGR of 5 – 10% until 2030 due to increased air passenger traffic, improved income levels among the middle class, and favourable government policies promoting tourism and hospitality.
We also presented the client with an all-inclusive report mapping duty-free shops and other retail outlets in airports, railways, onboard airplanes and cruise ships in Africa. We helped them prioritize the key markets and distribution channels to guide upcoming regional sales endeavours.
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