Airport Spending Takes Off
Airports in the Asia-Pacific region reported $14.8 billion in sales in 2016.
GLOBAL–Retail spending at airports rose to $38 billion globally in 2016 and is slated to grow by 27 percent to $49 billion by 2021, according to U.K. research and consulting firm GlobalData.
According to the company’s latest retailing report, Asia-Pacific airports generated the most sales last year, reporting $14.8 billion. Europe, which ranks second in spending at airports, hit $10.7 billion in 2016.
Furthermore, the U.S., which GlobalData reports has traditionally offered a poor shopping experience at airports, is also developing a host of new retail spaces and offers to increase spending.
“Apart from the growing number of air travelers, increased security over recent years delivers a constantly changing captive audience for airside retailers, which claim 83 percent of all spending in airports. This audience has time to kill, and especially when on holiday, is in the mood to spend,” says Maureen Hinton, group research director, Global Data Retail. “Airports appreciate the extra revenue and are willing to invest in creating a more inviting space for travelers. For example, in Singapore’s Changi airport you can catch a movie, browse new art, play games, pamper yourself in a space and entertain your kids–the airport equivalent of a modern shopping center.”