Retail growth at global airports to grow 72.9 percent by 2019

The global airport retail market is gearing up to hit 59.2 billion dollars (35.4 billion pounds)

in 2019, which is a rise of 72.9 percent compared to 2013 according to research from Carly Syme, Senior Analyst at Verdict.

The research predicts that the growth will be mainly boosted by a “stronger passenger growth,” with a 27.4 percent rise predicted between now and 2019, as well as increasing prosperity in emerging markets that will push spend.

Verdict forecast that Asia-Pacific will see the most rapid growth in the global airport retailing sector over the next six years, with its current market more than doubling. They predict that traveler numbers will grow by 37.8 percent and the average amount spent per passenger will increase from 7.78 dollars to 11.37 dollars.

Retail growth at airports in Europe and North America are also expected to grow. Heathrow airport recently reported a number of premium retailers and brands which are set to open stores in its new Terminal 2. Names like John Lewis, Cath Kidston, Ted Baker, Burberry, Bulgari, Kurt Geiger, Mulberry and Paul Smith are all set to open retail locations in the terminal when it opens this June.

The research also found that, although the weak economy in Europe and North America has slowed down passenger number growth over the past five years, it is set to grow again as the economy begins to turn around and improve.

Reports from Generation Research, a Stockholm-based consultancy firm, concurs with Verdict predication, reporting that the duty-free and travel retail sales of perfumes, luxury goods and cosmetics grew 28 percent between 2008 and 2011 and are predicted to grow another 25 percent in the next two years.