Posted: Sep 23, 2019
Generation Research figures provided by the Tax Free World Association (TFWA) show “the market is continuing to perform strongly”, particularly as demand in China ramps up.
GTR wine and spirits sales in Asia Pacific – the largest travel retail and duty free region – increased by 10.2% to US$4.2bn in 2018.
According to Alain Maingreaud, the new president of the TFWA, “growing numbers of millennial travellers and middle-class consumers from China” are boosting demand for premium spirits.
“Domestic trends, such as the rising popularity of gin in Europe and Tequila in the US, are also moving across to the duty free and travel retail market, with customers now expecting to find their brand of choice at the airport,” he told The Spirits Business.
In total, the GTR market increased sales by 9.3% in 2018 to US$75.7bn, and Maingreaud said he believes the outlook for the business is “positive provided we continue to evolve and innovate in order to meet the ever-changing demands of passengers”.
To see an in-depth view of the market for spirits in global travel retail, see the September 2019 issue of The Spirits Business magazine, out now.
By Amy Hopkins
September 20, 2019
Thespiritsbusiness.com
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