Huge growth in fragrance and beauty is the largest contributor to the travel retail market, with wines and spirits coming in second. The current travel retail market was valued at $69.5 billion in 2016, and is predicted to reach $125.1 billion by 2023. Within perfumes and cosmetics, Accelerated Analytics customers including Estee Lauder and L’Oreal are opening outlets at every major international airport. With an improving economy there will be increases in travel and tourism. In Europe, which is one of the largest travel retail markets with $21 billion of the sector, they are seeing a significant presence from apparel and cosmetics brands, especially from LVMH from France, which holds a large share of luxury apparel, perfumes and cosmetics in the region. Perfumes and cosmetics accounted for 30% of the travel retail market in 2016 findings and is expected to dominate the market by 2023.
Source: Chain Store Age