What: A piece about tourism and how expectations from international customers have changed.

Why it is important: 2024 tourism will hit 2019 numbers, but with different needs. Retailers need to be prepared.

The Covid-19 pandemic significantly impacted the retail industry, leading to a swift pivot towards e-commerce and new marketing platforms like TikTok. Particularly hard-hit was the travel retail sector, which saw a drastic drop in sales. However, with borders reopening, the global travel retail market, which includes sales at airports, train stations, and other transit hubs, has surged. It grew from US$68.91 billion in 2022 to US$79.05 billion in 2023, with projections reaching US$126.48 billion by 2027. After a drop from US$74.31 billion in 2019 to US$19.7 billion in 2020 due to the pandemic, 2022 saw a recovery to US$55.74 billion.

Nadine Heubel from Reklaim offers three retail tips: prioritize universal operational excellence, utilize sophisticated data collaboration with airlines, and engage passengers throughout their journey. Beauty and fragrance are the leading segments in travel retail, with a growing interest in local and sustainable products, and younger consumers are increasingly drawn to niche beauty brands.

Looking at the recent travel retail evolution