Retail sales at airports will grow by 11% to $30m (£16.1m) despite the slowing economy over this year, according to a report by Verdict Research. The surge will make it the fastest growing retail channel after the internet.
The report, Global Airport Retailing 2008 – Focus on Emerging Markets, shows that retail sales to will be especially strong in emerging markets such as Asia-Pacific and the Middle East.
The research body says that growth in the sector will be fuelled by the “rapid increase” in air travel and investments in new airports and retail facilities. It also predicts retail sales will continue to “grow strongly” over the next five years.
Verdict Research lead analyst and author of the report, Nick Gladding, says: “The key factors increasing this growth are increased affluence, growing tourism, rapidly expanding airline carriers and new routes.”
He adds that the increase in international business travel will also boost sales.