Singapore Travel Retail Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2020 |
| CAGR | > 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Travel Retail Market Analysis
Singapore’s retail scene is home to a wealth of duty-free shopping opportunities. Famous duty-free areas in airports like Singapore’s Changi Airport have become destinations in themselves with their high per passenger spend for duty-free. In Singapore, downtown duty-free stores are operated by DFS as DFS T-Galleria, and these stores are found in key shopping districts such as Kowloon’s Tsim Sha Tsui and Singapore’s Orchard Road. The T-Galleria stores are like department stores where anyone can shop and carry away their purchases. Duty-free operators in airports are also increasingly offering online ordering and in-store pick-up services; for example, duty-free retailers in Singapore offer this service that enables travelers to order duty-free products online from multiple retailers for pick up when they travel or for delivery upon their return. Singapore is a major hub for the region’s luxury shoppers and Laneige has been seeing strong growth in travel retail ever since.
The impact of COVID-19 on the Singapore economy has been significant. First, global, and domestic travel restrictions to contain the spread of COVID-19 have led to a sharp fall in tourist arrivals to Singapore and air passengers handled at Changi Airport, thereby dampening the demand for tourism and travel retail in Singapore. As borders were closed and travel restrictions were imposed, visitor arrivals to Singapore plummeted to 2.7 million in 2020, the lowest in about four decades.
Singapore Travel Retail Market Trends
This section covers the major market trends shaping the Singapore Travel Retail Market according to our research experts:
Tourist Arrivals in Singapore is Driving the Market
Singapore remains an ideal location for leisure and business travel, meetings, incentives, conferences, and exhibitions. Asian visitors continued to constitute a significant proportion of visitor arrivals to Singapore. Singapore Changi Airport, on the other hand, offers a more horticultural airport experience, boasting a sunflower and water lily garden as well as a cinema and rooftop pool. Visitor arrivals continued to increase as Singapore remains an attractive destination to both leisure and corporate travelers. Singapore Airlines recently increased the amount of time in which passengers can place pre-orders online prior to departure. International travellers have access to a variety of products including fashion and accessories, alcohol, fragrances and cosmetics, food and confectionery, tobacco, and jewellery and watches. Duty-free and travel retail products are purchased by locals and visitors alike when leaving or arriving in a country.
Consumer Spending is Driving the Market
Consumer spending is driving the Singapore travel retail market. Some of the leading companies are expanding their businesses by opening their outlets at the airport with an exclusive and wide range of fragrances and skincare products. This is because billions of people travel internationally every year and spend money and time at airports. Travelers get a lot of free time at the airport to browse and buy products. In addition, travel retail creates more visibility for their products, which draws the attention of new customers and increases the brand loyalty of existing customers. Passengers traveling over distances mostly prefer wines & spirits. Also, the growth in culture of owning luxurious goods and consumption of expensive wines & spirits are driving the growth of the market.
Singapore Travel Retail Industry Overview
The report covers major international players operating in the Singapore travel retail industry. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
Singapore Travel Retail Market Leaders
Lagardere Travel Retail
WH Smith
DFS
Gebr. Heinemann
Lotte Duty Free
*Disclaimer: Major Players sorted in no particular order
Singapore Travel Retail Market News
- In 2020, Dufry inaugurated a new confectionery concession at Singapore’s Changi airport to operate four new shops in the Terminal 2 departure hall with a total sales area of 563 m2. Dufry has been operating brand boutiques at Changi airport for over twenty years and now adds additional shops to the fashion and specialty wins such as Max Mara, Chloé, and Tumi.
- In June 2020, South Korean duty-free retailer Lotte has formally taken over the liquor and tobacco concessions at Singapore’s Changi Airport from DFS Group. The new Lotte outlets will be the operator’s largest duty-free business in the Asia Pacific, offering more than 3000 choices of wines and spirits, including exclusive limited-edition whiskies and cognacs.
Singapore Travel Retail Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Porters Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Consumer Behaviour Analysis
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Beauty and Personal Care
5.1.2 Wines and Spirits
5.1.3 Tobacco
5.1.4 Eatables
5.1.5 Fashion Accessories and Hard Luxury
5.1.6 Other Types
5.2 Distribution Channel
5.2.1 Airports
5.2.2 Airlines
5.2.3 Ferries
5.2.4 Other Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 DFS Venture (Singapore)
6.2.2 WH Smith
6.2.3 Lagardere Travel Retail Singapore
6.2.4 Lotte Duty Free
6.2.5 The Shilla Duty Free
6.2.6 Durfy Singapore
6.2.7 Heinemann Asia Pacific
6.2.8 3sixty duty free
6.2.9 Shiseido Travel Retail
6.2.10 Watsons Personal Care Stores
6.2.11 SMI Retail
6.2.12 Guardian Health & Beauty Singapore
6.2.13 Gassan Singapore
6.2.14 DFASS (Singapore)
6.2.15 Candy Empire
6.2.16 iShopChangi*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER
Singapore Travel Retail Industry Segmentation
A complete background analysis of the market, including the analysis of market size and forecast, market shares, industry trends, growth drivers, and vendors, is provided. The study also includes insights into market segmentation, by product type and distribution channel. Additionally, the report features qualitative and quantitative assessments by analyzing the data gathered from industry analysts and market participants across key points in the industry’s value chain. The Market Is Segmented By Product Type into Beauty and Personal Care, Wines and Spirits, Tobacco, Eatables, Fashion Accessories and Hard Luxury, and Other Types, By Distribution Channel into Airports, Airlines, Ferries, and Other Distribution Channels. The report offers market size and forecasts for the Singapore Travel Retail Market in terms of value (USD Billion) for all the above segments.
| Product Type | |
| Beauty and Personal Care | |
| Wines and Spirits | |
| Tobacco | |
| Eatables | |
| Fashion Accessories and Hard Luxury | |
| Other Types |
| Distribution Channel | |
| Airports | |
| Airlines | |
| Ferries | |
| Other Channels |
Singapore Travel Retail Market Research FAQs
What is the current Singapore Travel Retail Market size?
The Singapore Travel Retail Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2028).
Who are the key players in Singapore Travel Retail Market?
Lagardere Travel Retail, WH Smith, DFS, Gebr. Heinemann and Lotte Duty Free are the major companies operating in the Singapore Travel Retail Market.
Singapore Travel Retail Industry Report
Statistics for the 2023 Singapore Travel Retail market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Travel Retail analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
