Market Overview:
The Global Shopping Tourism Market is estimated to be valued at USD 267.21 Bn in 2024 and is expected to reach USD 497.97 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.
Market Dynamics:
The shopping tourism market is witnessing high growth owing to increasing expenditures by international travelers. International travelers are the major contributors to the retail sales in various countries. According to the UNWTO, international tourist expenditures reached US$ 1.7 trillion in 2021, registering a 182% increase compared to 2020. Additionally, rising disposable incomes and changing consumer lifestyles are encouraging more people to opt for shopping touring. Shoppers are inclined towards unique shopping experiences and willing to spend on premium brands. Furthermore, growth of airport shopping is supplementing the market growth with tourists utilizing transit time for shopping in duty-free stores.
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Shopping Tourism Market Drivers: Increasing Global Disposable Income
As global economy grows, disposable income of people around the world is rising rapidly. According to the statistics by World Bank, global middle class population is expected to grow to over 5 billion people by 2030 from 1.8 billion people in 2009. With more money in their hands, people are now able to spend on leisure activities like tourism besides basic necessities. Shopping forms a major reason for tourism visits these days. Countries promoting themselves as shopping destinations are benefiting immensely from this rising disposable income.
Shopping Tourism Market Opportunity: Emergence of Pop-up Stores
Pop-up stores refer to short-term leased retail spaces for temporary exhibitions and sales. They are becoming very popular worldwide as a new retail format for brands, retailers, startups etc. Pop-up stores provide opportunity for experimentation without long-term commitment and engage customers in unique experiences. For tourists, pop-up stores act as exciting discovery channels for latest trends, indie brands and local specialities. Countries can leverage this opportunity by promoting pop-up zones in their key shopping districts. Partnerships with leading global brands for limited edition pop-ups can generate great buzz and attract significant tourist footfalls. Proper regulations, funding and infrastructure support can help develop vibrant pop-up retail ecosystems benefiting local economies.
Shopping Tourism Market Trend: Influencers/Bloggers Marketing Destinations
In modern digital era, social media influencers/bloggers play a massive role in shaping travel preferences. Destination marketing organizations are actively engaging them for sponsored trips and campaigns. Influencers promote unique aspects like local culture, heritage sites, cuisines and importantly shopping scenes of visited places through vibrant posts. Their word-of-mouth recommendations reach mass audience organically and trigger travel plans. Many now prefer destinations endorsed by favorite influencers. Countries courting popular influencers focused on fashion, lifestyle and shopping can see tremendous gains in shopping tourists. Personalized itineraries, branded content strategies and experiences make influencer marketing highly productive for tourism boards.
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Top Companies Featured in This Report:
★ Japan Deluxe Tours
★ Trafalgar Tours
★ EF Educational Tours
★ The Shopping Sherpa
★ Luxury Escapes
★ Costco Travel
★ AAA Vacations
★ Travel + Leisure
★ Context Travel
★ Intrepid Travel
★ Tauck Tours
★ Backroads
★ Country Walkers
★ G Adventures
★ World Expeditions
★ AdventureSmith Explorations
★ Esquire Travel
★ Abercrombie & Kent
Market Segmentation:
By Product Type:
★ By Product Type: Fashion & Accessories, Beauty & Cosmetics, Electronics, Food & Beverage, Others
★ By End User: Men, Women, Others
★ By Purpose of Trip : Leisure, Medical , Business, Education
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Shopping Tourism Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Shopping Tourism market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Shopping Tourism market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Shopping Tourism market.
Segment Analysis: Examining the market value and sales volume of Shopping Tourism by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Shopping Tourism market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don’t hesitate to contact us.
In summary, whether you’re engaged in manufacturing, distribution, or investment within the Shopping Tourism sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry’s expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice’s dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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