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TOP GEAR: Airport retail is set to soar, according to new research by Verdict in London. The global airport retail market is poised to grow 72.9 percent to $59.2 billion by 2019, driven by double-digit passenger growth and growing affluence in emerging markets. Retail research agency Verdict said Asia Pacific will see the fastest growth during the period: Passenger numbers will increase by 37.8 percent and spend per passenger will rise from $7.78 to $11.37.
While the weak economy has dampened passenger number growth in Europe and North America over the last five years, growth is set to pick up again as the economy shows signs of improvement.
“Beauty products and alcohol are set to benefit the most from rising passenger numbers,” with an increase in global sales of 109.9 percent and 73.4 percent respectively until 2019, said Verdict analyst Carly Syme in the report. “There are huge opportunities for retailers to grow their presence in existing countries, as well as expand into new regions, particularly in Asia Pacific,” she said.