21 Mar '11, 4pm

Luxury goods lead rise in duty-free spending

Luxury goods lead rise in duty-free spending

The amount we spent on duty-free increased 13 percent last year with much of the growth coming from increased consumption of luxury products. The global duty-free and travel retail market was up by $4.5 billion, reaching a whopping $39 billion in 2010. The increase was particularly marked in luxury goods , suggested Generation Research, which saw a 16.7 percent boost in sales to more than $14 billion. Fragrances and cosmetics saw the next largest increase, up by 12.6 percent, while confectionery and fine food were up 11.2 percent and wines and spirits were up 10.9 percent. The growth of Asia-Pacific markets is behind much of the good news, along with other emerging markets such as Russia, Turkey and Brazil. The Americas also fuelled much of the growth, along with the Middle East, followed by Africa and then Europe, which was in the bottom spot. However, despite the slow gr...

Full article: http://www.luxuo.com/luxury-trends/rise-in-duty-free-spen...

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