トラベルリテール市場：製品別、購入タイプ別、チャネル別-2025年～2030年世界予測

トラベルリテール市場の2023年の市場規模は958億4,000万米ドルで、2024年には1,022億9,000万米ドルに達すると予測され、CAGR 7.31％で成長し、2030年には1,570億6,000万米ドルに達すると予測されています。

トラベルリテールの対象範囲には、主に空港、港、国境の店舗における旅行者への商品・サービスの販売が含まれ、非居住者や乗り継ぎ客をターゲットとすることで、従来の小売チャネルとは一線を画しています。このセグメントは、旅行者が独特の体験やギフトを求めるような、人の出入りの多いエリアを活用し、従来の市場環境以外で収益を上げるために不可欠です。トラベルリテールでは、消費者の行動を理解し、地元の特産品や高級品など、旅行者の嗜好に合った商品を提供する必要があります。この分野での用途は、免税品から便利な旅行サービスまで多岐にわたる。世界の旅行率の上昇、空港インフラの拡充、可処分所得を持つ中産階級の台頭などが、市場成長を牽引する要因となっています。主なビジネスチャンスは、パーソナライズされたマーケティング、拡張現実ディスプレイ、オンラインとオフラインのシームレスなショッピング体験など、買い物体験を向上させるデジタル技術の統合にあります。しかし、地政学的緊張、変動する為替レート、厳しい規制措置などの制約がハードルとなる可能性があります。さらに、COVID-19の大流行は、旅行中心の収益源に大きく依存することの脆弱性を浮き彫りにしました。こうした課題を回避するため、業界各社は、良心的な消費者の共感を得られるエコ包装など、持続可能な慣行を採用することでイノベーションを起こすべきです。また、合併や提携を模索することで、商品ラインナップを多様化し、市場のショックに対する回復力を高めることもできます。市場力学はダイナミックで競争的であるため、技術の進歩や消費者の嗜好の変化に絶えず適応する必要があります。在庫管理システム、販売時点情報管理（POS）技術の強化、リアルタイムのデータ分析におけるイノベーションは、大きな競争優位性をもたらす可能性があります。最適なイノベーション分野には、摩擦のない購買体験を提供するデジタル強化、消費者動向を予測するためのAIの活用、パーソナライズされた顧客エンゲージメントの構築などがあります。これらの分野で先手を打つことで、企業は世界な旅行者の進化する需要によりよく応えることができ、変化し続ける市場情勢の中で持続的な成長を促進することができます。

市場力学：急速に進化するトラベルリテール市場の主要市場インサイトを公開

トラベルリテール市場は、需要と供給のダイナミックな相互作用によって変貌を遂げています。このような市場力学の進化を理解することで、企業は十分な情報に基づいた投資決定、戦略的決定の精緻化、そして新たなビジネスチャンスの獲得に備えることができます。これらの動向を包括的に把握することで、企業は政治的、地理的、技術的、社会的、経済的な領域にわたる様々なリスクを軽減することができ、また、消費者行動とそれが製造コストや購買動向に与える影響をより明確に理解することができます。

• 市場促進要因
  • 世界の観光・旅行活動の増加
  • 都市化の急速な進展と可処分所得の増加
  • 免税品を提供する空港内ブランドアウトレットの増加
• 市場抑制要因
  • 現地市場の未組織化と海外製品の高コスト
• 市場機会
  • トラベルリテールにおけるeコマースサービスとデジタル決済オプションの出現
  • 複数のブランドや免税店が限定商品や限定商品を発売する努力を継続中
• 市場の課題
  • 限られた手荷物しか持ち込めないという厳しい航空会社の規則と、旅行者に課される禁止令

ポーターの5つの力：トラベルリテール市場をナビゲートする戦略ツール

ポーターの5つの力フレームワークは、市場情勢の競合情勢を理解するための重要なツールです。ポーターのファイブフォース・フレームワークは、企業の競争力を評価し、戦略的機会を探るための明確な手法を提供します。このフレームワークは、企業が市場内の勢力図を評価し、新規事業の収益性を判断するのに役立ちます。これらの洞察により、企業は自社の強みを活かし、弱みに対処し、潜在的な課題を回避することができ、より強靭な市場でのポジショニングを確保することができます。

PESTLE分析：トラベルリテール市場における外部からの影響の把握

外部マクロ環境要因は、トラベルリテール市場の業績ダイナミクスを形成する上で極めて重要な役割を果たします。政治的、経済的、社会的、技術的、法的、環境的要因の分析は、これらの影響をナビゲートするために必要な情報を提供します。PESTLE要因を調査することで、企業は潜在的なリスクと機会をよりよく理解することができます。この分析により、企業は規制、消費者の嗜好、経済動向の変化を予測し、先を見越した積極的な意思決定を行う準備ができます。

市場シェア分析トラベルリテール市場における競合情勢の把握

トラベルリテール市場の詳細な市場シェア分析により、ベンダーの業績を包括的に評価することができます。企業は、収益、顧客ベース、成長率などの主要指標を比較することで、競争上のポジショニングを明らかにすることができます。この分析により、市場の集中、断片化、統合の動向が明らかになり、ベンダーは競争が激化する中で自社の地位を高める戦略的意思決定を行うために必要な知見を得ることができます。

FPNVポジショニング・マトリックストラベルリテール市場におけるベンダーのパフォーマンス評価

FPNVポジショニングマトリックスは、トラベルリテール市場においてベンダーを評価するための重要なツールです。このマトリックスにより、ビジネス組織はベンダーのビジネス戦略と製品満足度に基づき評価することで、目標に沿った十分な情報に基づいた意思決定を行うことができます。4つの象限によってベンダーを明確かつ正確にセグメント化し、戦略目標に最適なパートナーやソリューションを特定することができます。

戦略分析と推奨トラベルリテール市場における成功への道筋を描く

トラベルリテール市場の戦略分析は、世界市場でのプレゼンス強化を目指す企業にとって不可欠です。主要なリソース、能力、業績指標を見直すことで、企業は成長機会を特定し、改善に取り組むことができます。このアプローチにより、競合情勢における課題を克服し、新たなビジネスチャンスを活かして長期的な成功を収めるための体制を整えることができます。

本レポートでは、主要な注目分野を網羅した市場の包括的な分析を提供しています：

1.市場の浸透度：現在の市場環境の詳細なレビュー、主要企業による広範なデータ、市場でのリーチと全体的な影響力の評価。

2.市場の開拓度：新興市場における成長機会を特定し、既存分野における拡大可能性を評価し、将来の成長に向けた戦略的ロードマップを提供します。

3.市場の多様化：最近の製品発売、未開拓の地域、業界の主要な進歩、市場を形成する戦略的投資を分析します。

4.競合の評価と情報：競合情勢を徹底的に分析し、市場シェア、事業戦略、製品ポートフォリオ、認証、規制当局の承認、特許動向、主要企業の技術進歩などを検証します。

5.製品開発およびイノベーション：将来の市場成長を促進すると期待される最先端技術、研究開発活動、製品イノベーションをハイライトしています。

また、利害関係者が十分な情報を得た上で意思決定できるよう、重要な質問にも答えています：

1.現在の市場規模と今後の成長予測は？

2.最高の投資機会を提供する製品、セグメント、地域はどこか？

3.市場を形成する主な技術動向と規制の影響とは？

4.主要ベンダーの市場シェアと競合ポジションは？

5.ベンダーの市場参入・撤退戦略の原動力となる収益源と戦略的機会は何か？

目次

第1章 序文

第2章 調査手法

第3章 エグゼクティブサマリー

第4章 市場の概要

第5章 市場洞察

• 市場力学
  • 促進要因
    • 世界中で観光や旅行活動を増やす
    • 都市化の急速な進展と可処分所得の増加
    • 空港で免税品を販売するブランド店舗が増加
  • 抑制要因
    • 組織化されていない現地市場と海外製品の高コスト
  • 機会
    • トラベルリテールにおけるeコマースサービスとデジタル決済オプションの出現
    • いくつかのブランドや免税店が、限定または

限定商品

• 課題
  • 限られた荷物の持ち込みと旅行者への禁止に関する航空会社の厳しい規則
• 市場セグメンテーション分析
• ポーターのファイブフォース分析
• PESTEL分析
  • 政治的
  • 経済
  • 社交
  • 技術的
  • 法律上
  • 環境

第6章 トラベルリテール市場：製品別

• 菓子・高級食品
• エレクトロニクス
• ファッション＆アクセサリー
• 香水・化粧品
• 高級品
• タバコ
• ワイン＆スピリッツ

第7章 トラベルリテール市場：購入タイプ別

• 免税
• 関税支払済み

第8章 トラベルリテール市場：チャネル別

• 空港と航空会社
• ボーダーストア
• クルーズライン
• 外交商店
• フェリー

第9章 南北アメリカのトラベルリテール市場

• アルゼンチン
• ブラジル
• カナダ
• メキシコ
• 米国

第10章 アジア太平洋のトラベルリテール市場

• オーストラリア
• 中国
• インド
• インドネシア
• 日本
• マレーシア
• フィリピン
• シンガポール
• 韓国
• 台湾
• タイ
• ベトナム

第11章 欧州・中東・アフリカのトラベルリテール市場

• デンマーク
• エジプト
• フィンランド
• フランス
• ドイツ
• イスラエル
• イタリア
• オランダ
• ナイジェリア
• ノルウェー
• ポーランド
• カタール
• ロシア
• サウジアラビア
• 南アフリカ
• スペイン
• スウェーデン
• スイス
• トルコ
• アラブ首長国連邦
• 英国

第12章 競合情勢

• 市場シェア分析、2023年
• FPNVポジショニングマトリックス、2023年
• 競合シナリオ分析
• 戦略分析と提言

企業一覧

• Aer Rianta International
• ALFA Brands Inc.
• Bahrain Duty Free
• China Duty Free Group Co., Ltd.
• Dubai Duty Free
• Dufry AG
• Duty Free Americas, Inc.
• Flemingo International Ltd.
• Gebr. Heinemann SE & Co. KG
• Hyundai Department Store Duty Free
• Inflyter
• King Power Group
• Lagardere Travel Retail SAS
• Le Bridge Corporation Limited
• Lotte Corporation
• LVMH Moet Hennessy Louis Vuitton S.E.
• Mumbai Duty Free
• Przedsiebiorstwo Handlu Zagranicznego Baltona S.A.
• Qatar Duty Free Company W.L.L.
• Samsung Electronics Co. Ltd.
• Shilla Travel Retail Pte Ltd.
• Shinsegae DF
• The James Richardson Group
• Tobacco Plains Duty Free Shop
• WH Smith PLC

LIST OF FIGURES

• FIGURE 1. TRAVEL RETAIL MARKET RESEARCH PROCESS
• FIGURE 2. TRAVEL RETAIL MARKET SIZE, 2023 VS 2030
• FIGURE 3. GLOBAL TRAVEL RETAIL MARKET SIZE, 2018-2030 (USD MILLION)
• FIGURE 4. GLOBAL TRAVEL RETAIL MARKET SIZE, BY REGION, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 5. GLOBAL TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 6. GLOBAL TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2023 VS 2030 (%)
• FIGURE 7. GLOBAL TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 8. GLOBAL TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2023 VS 2030 (%)
• FIGURE 9. GLOBAL TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 10. GLOBAL TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2023 VS 2030 (%)
• FIGURE 11. GLOBAL TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 12. AMERICAS TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
• FIGURE 13. AMERICAS TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 14. UNITED STATES TRAVEL RETAIL MARKET SIZE, BY STATE, 2023 VS 2030 (%)
• FIGURE 15. UNITED STATES TRAVEL RETAIL MARKET SIZE, BY STATE, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 16. ASIA-PACIFIC TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
• FIGURE 17. ASIA-PACIFIC TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 18. EUROPE, MIDDLE EAST & AFRICA TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
• FIGURE 19. EUROPE, MIDDLE EAST & AFRICA TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
• FIGURE 20. TRAVEL RETAIL MARKET SHARE, BY KEY PLAYER, 2023
• FIGURE 21. TRAVEL RETAIL MARKET, FPNV POSITIONING MATRIX, 2023

LIST OF TABLES

• TABLE 1. TRAVEL RETAIL MARKET SEGMENTATION & COVERAGE
• TABLE 2. UNITED STATES DOLLAR EXCHANGE RATE, 2018-2023
• TABLE 3. GLOBAL TRAVEL RETAIL MARKET SIZE, 2018-2030 (USD MILLION)
• TABLE 4. GLOBAL TRAVEL RETAIL MARKET SIZE, BY REGION, 2018-2030 (USD MILLION)
• TABLE 5. GLOBAL TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
• TABLE 6. TRAVEL RETAIL MARKET DYNAMICS
• TABLE 7. GLOBAL TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 8. GLOBAL TRAVEL RETAIL MARKET SIZE, BY CONFECTIONARY & FINE FOOD, BY REGION, 2018-2030 (USD MILLION)
• TABLE 9. GLOBAL TRAVEL RETAIL MARKET SIZE, BY ELECTRONICS, BY REGION, 2018-2030 (USD MILLION)
• TABLE 10. GLOBAL TRAVEL RETAIL MARKET SIZE, BY FASHION & ACCESSORIES, BY REGION, 2018-2030 (USD MILLION)
• TABLE 11. GLOBAL TRAVEL RETAIL MARKET SIZE, BY FRAGRANCES & COSMETICS, BY REGION, 2018-2030 (USD MILLION)
• TABLE 12. GLOBAL TRAVEL RETAIL MARKET SIZE, BY LUXURY GOODS, BY REGION, 2018-2030 (USD MILLION)
• TABLE 13. GLOBAL TRAVEL RETAIL MARKET SIZE, BY TOBACCO, BY REGION, 2018-2030 (USD MILLION)
• TABLE 14. GLOBAL TRAVEL RETAIL MARKET SIZE, BY WINE & SPIRITS, BY REGION, 2018-2030 (USD MILLION)
• TABLE 15. GLOBAL TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 16. GLOBAL TRAVEL RETAIL MARKET SIZE, BY DUTY FREE, BY REGION, 2018-2030 (USD MILLION)
• TABLE 17. GLOBAL TRAVEL RETAIL MARKET SIZE, BY DUTY PAID, BY REGION, 2018-2030 (USD MILLION)
• TABLE 18. GLOBAL TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 19. GLOBAL TRAVEL RETAIL MARKET SIZE, BY AIRPORTS & AIRLINES, BY REGION, 2018-2030 (USD MILLION)
• TABLE 20. GLOBAL TRAVEL RETAIL MARKET SIZE, BY BORDER STORES, BY REGION, 2018-2030 (USD MILLION)
• TABLE 21. GLOBAL TRAVEL RETAIL MARKET SIZE, BY CRUISE LINES, BY REGION, 2018-2030 (USD MILLION)
• TABLE 22. GLOBAL TRAVEL RETAIL MARKET SIZE, BY DIPLOMATIC STORES, BY REGION, 2018-2030 (USD MILLION)
• TABLE 23. GLOBAL TRAVEL RETAIL MARKET SIZE, BY FERRIES, BY REGION, 2018-2030 (USD MILLION)
• TABLE 24. AMERICAS TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 25. AMERICAS TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 26. AMERICAS TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 27. AMERICAS TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
• TABLE 28. ARGENTINA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 29. ARGENTINA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 30. ARGENTINA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 31. BRAZIL TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 32. BRAZIL TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 33. BRAZIL TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 34. CANADA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 35. CANADA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 36. CANADA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 37. MEXICO TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 38. MEXICO TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 39. MEXICO TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 40. UNITED STATES TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 41. UNITED STATES TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 42. UNITED STATES TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 43. UNITED STATES TRAVEL RETAIL MARKET SIZE, BY STATE, 2018-2030 (USD MILLION)
• TABLE 44. ASIA-PACIFIC TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 45. ASIA-PACIFIC TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 46. ASIA-PACIFIC TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 47. ASIA-PACIFIC TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
• TABLE 48. AUSTRALIA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 49. AUSTRALIA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 50. AUSTRALIA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 51. CHINA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 52. CHINA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 53. CHINA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 54. INDIA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 55. INDIA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 56. INDIA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 57. INDONESIA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 58. INDONESIA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 59. INDONESIA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 60. JAPAN TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 61. JAPAN TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 62. JAPAN TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 63. MALAYSIA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 64. MALAYSIA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 65. MALAYSIA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 66. PHILIPPINES TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 67. PHILIPPINES TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 68. PHILIPPINES TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 69. SINGAPORE TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 70. SINGAPORE TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 71. SINGAPORE TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 72. SOUTH KOREA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 73. SOUTH KOREA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 74. SOUTH KOREA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 75. TAIWAN TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 76. TAIWAN TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 77. TAIWAN TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 78. THAILAND TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 79. THAILAND TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 80. THAILAND TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 81. VIETNAM TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 82. VIETNAM TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 83. VIETNAM TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 84. EUROPE, MIDDLE EAST & AFRICA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 85. EUROPE, MIDDLE EAST & AFRICA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 86. EUROPE, MIDDLE EAST & AFRICA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 87. EUROPE, MIDDLE EAST & AFRICA TRAVEL RETAIL MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
• TABLE 88. DENMARK TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 89. DENMARK TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 90. DENMARK TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 91. EGYPT TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 92. EGYPT TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 93. EGYPT TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 94. FINLAND TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 95. FINLAND TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 96. FINLAND TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 97. FRANCE TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 98. FRANCE TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 99. FRANCE TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 100. GERMANY TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 101. GERMANY TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 102. GERMANY TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 103. ISRAEL TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 104. ISRAEL TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 105. ISRAEL TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 106. ITALY TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 107. ITALY TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 108. ITALY TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 109. NETHERLANDS TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 110. NETHERLANDS TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 111. NETHERLANDS TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 112. NIGERIA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 113. NIGERIA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 114. NIGERIA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 115. NORWAY TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 116. NORWAY TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 117. NORWAY TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 118. POLAND TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 119. POLAND TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 120. POLAND TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 121. QATAR TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 122. QATAR TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 123. QATAR TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 124. RUSSIA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 125. RUSSIA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 126. RUSSIA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 127. SAUDI ARABIA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 128. SAUDI ARABIA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 129. SAUDI ARABIA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 130. SOUTH AFRICA TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 131. SOUTH AFRICA TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 132. SOUTH AFRICA TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 133. SPAIN TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 134. SPAIN TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 135. SPAIN TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 136. SWEDEN TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 137. SWEDEN TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 138. SWEDEN TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 139. SWITZERLAND TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 140. SWITZERLAND TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 141. SWITZERLAND TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 142. TURKEY TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 143. TURKEY TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 144. TURKEY TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 145. UNITED ARAB EMIRATES TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 146. UNITED ARAB EMIRATES TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 147. UNITED ARAB EMIRATES TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 148. UNITED KINGDOM TRAVEL RETAIL MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
• TABLE 149. UNITED KINGDOM TRAVEL RETAIL MARKET SIZE, BY PURCHASE TYPE, 2018-2030 (USD MILLION)
• TABLE 150. UNITED KINGDOM TRAVEL RETAIL MARKET SIZE, BY CHANNEL, 2018-2030 (USD MILLION)
• TABLE 151. TRAVEL RETAIL MARKET SHARE, BY KEY PLAYER, 2023
• TABLE 152. TRAVEL RETAIL MARKET, FPNV POSITIONING MATRIX, 2023

The Travel Retail Market was valued at USD 95.84 billion in 2023, expected to reach USD 102.29 billion in 2024, and is projected to grow at a CAGR of 7.31%, to USD 157.06 billion by 2030.

The scope of travel retail encompasses the sale of goods and services to travelers, primarily in airports, seaports, and border shops, distinguishing it from traditional retail channels by targeting non-residents and those in transit. This segment is vital for generating revenue outside conventional market settings, leveraging high footfall areas where travelers seek distinct experiences or gifts. Travel retail necessitates understanding consumer behavior and tailoring offerings to match travelers' preferences, such as local specialties or luxury goods. Applications in this sector range from duty-free products to convenient travel services. With a projected upward trajectory, factors driving market growth include rising global travel rates, expanded airport infrastructures, and emerging middle-class populations with disposable income. Key opportunities lie in the integration of digital advancements to enhance shopper experiences, such as personalized marketing, augmented reality displays, and seamless online-to-offline shopping experiences. However, limitations like geopolitical tensions, fluctuating currency exchange rates, and strict regulatory measures can pose hurdles. Additionally, the COVID-19 pandemic underscored vulnerabilities in relying heavily on travel-centric revenue streams. To sidestep these challenges, industry players should innovate by adopting sustainable practices, such as eco-friendly packaging, which resonates with conscientious consumers. Businesses can also explore mergers or partnerships to diversify product ranges and enhance resilience against market shocks. The nature of the travel retail market is dynamic and competitive, necessitating continuous adaptation to technological advancements and changing consumer preferences. Innovations in inventory management systems, enhanced point-of-sale technologies, and real-time data analytics could provide substantial competitive advantages. The best innovation areas include digital enhancements that offer frictionless purchase experiences, leveraging AI for predicting consumer trends, and crafting personalized customer engagements. By staying ahead in these areas, businesses can better meet the evolving demands of global travelers, fostering sustained growth in an ever-changing market landscape.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Travel Retail Market

The Travel Retail Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

• Market Drivers
  • Increase tourism and travel activities around the world
  • Rapid growth in urbanization coupled with increasing disposable income income
  • Rising number of brand outlets on airports offering tax-free goods
• Market Restraints
  • Unorganized local market and high cost of overseas goods
• Market Opportunities
  • Emergence of eCommerce services and digital payment options in travel retail
  • Ongoing efforts of several brands and duty-free stores to launch limited or exclusive products
• Market Challenges
  • Stringent airline rules for carrying limited luggage and ban imposed on travelers

Porter's Five Forces: A Strategic Tool for Navigating the Travel Retail Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Travel Retail Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Travel Retail Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Travel Retail Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Travel Retail Market

A detailed market share analysis in the Travel Retail Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Travel Retail Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Travel Retail Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Travel Retail Market

A strategic analysis of the Travel Retail Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Travel Retail Market, highlighting leading vendors and their innovative profiles. These include Aer Rianta International, ALFA Brands Inc., Bahrain Duty Free, China Duty Free Group Co., Ltd., Dubai Duty Free, Dufry AG, Duty Free Americas, Inc., Flemingo International Ltd., Gebr. Heinemann SE & Co. KG, Hyundai Department Store Duty Free, Inflyter, King Power Group, Lagardere Travel Retail SAS, Le Bridge Corporation Limited, Lotte Corporation, LVMH Moet Hennessy Louis Vuitton S.E., Mumbai Duty Free, Przedsiebiorstwo Handlu Zagranicznego Baltona S.A., Qatar Duty Free Company W.L.L., Samsung Electronics Co. Ltd., Shilla Travel Retail Pte Ltd., Shinsegae DF, The James Richardson Group, Tobacco Plains Duty Free Shop, and WH Smith PLC.

Market Segmentation & Coverage

This research report categorizes the Travel Retail Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Based on Product, market is studied across Confectionary & Fine Food, Electronics, Fashion & Accessories, Fragrances & Cosmetics, Luxury Goods, Tobacco, and Wine & Spirits.
• Based on Purchase Type, market is studied across Duty Free and Duty Paid.
• Based on Channel, market is studied across Airports & Airlines, Border Stores, Cruise Lines, Diplomatic Stores, and Ferries.
• Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Table of Contents

1. Preface

• 1.1. Objectives of the Study
• 1.2. Market Segmentation & Coverage
• 1.3. Years Considered for the Study
• 1.4. Currency & Pricing
• 1.5. Language
• 1.6. Stakeholders

2. Research Methodology

• 2.1. Define: Research Objective
• 2.2. Determine: Research Design
• 2.3. Prepare: Research Instrument
• 2.4. Collect: Data Source
• 2.5. Analyze: Data Interpretation
• 2.6. Formulate: Data Verification
• 2.7. Publish: Research Report
• 2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

• 5.1. Market Dynamics
  • 5.1.1. Drivers
    • 5.1.1.1. Increase tourism and travel activities around the world
    • 5.1.1.2. Rapid growth in urbanization coupled with increasing disposable income income
    • 5.1.1.3. Rising number of brand outlets on airports offering tax-free goods
  • 5.1.2. Restraints
    • 5.1.2.1. Unorganized local market and high cost of overseas goods
  • 5.1.3. Opportunities
    • 5.1.3.1. Emergence of eCommerce services and digital payment options in travel retail
    • 5.1.3.2. Ongoing efforts of several brands and duty-free stores to launch limited or

exclusive products

• 5.1.4. Challenges
  • 5.1.4.1. Stringent airline rules for carrying limited luggage and ban imposed on travelers
• 5.2. Market Segmentation Analysis
• 5.3. Porter's Five Forces Analysis
  • 5.3.1. Threat of New Entrants
  • 5.3.2. Threat of Substitutes
  • 5.3.3. Bargaining Power of Customers
  • 5.3.4. Bargaining Power of Suppliers
  • 5.3.5. Industry Rivalry
• 5.4. PESTLE Analysis
  • 5.4.1. Political
  • 5.4.2. Economic
  • 5.4.3. Social
  • 5.4.4. Technological
  • 5.4.5. Legal
  • 5.4.6. Environmental

6. Travel Retail Market, by Product

• 6.1. Introduction
• 6.2. Confectionary & Fine Food
• 6.3. Electronics
• 6.4. Fashion & Accessories
• 6.5. Fragrances & Cosmetics
• 6.6. Luxury Goods
• 6.7. Tobacco
• 6.8. Wine & Spirits

7. Travel Retail Market, by Purchase Type

• 7.1. Introduction
• 7.2. Duty Free
• 7.3. Duty Paid

8. Travel Retail Market, by Channel

• 8.1. Introduction
• 8.2. Airports & Airlines
• 8.3. Border Stores
• 8.4. Cruise Lines
• 8.5. Diplomatic Stores
• 8.6. Ferries

9. Americas Travel Retail Market

• 9.1. Introduction
• 9.2. Argentina
• 9.3. Brazil
• 9.4. Canada
• 9.5. Mexico
• 9.6. United States

10. Asia-Pacific Travel Retail Market

• 10.1. Introduction
• 10.2. Australia
• 10.3. China
• 10.4. India
• 10.5. Indonesia
• 10.6. Japan
• 10.7. Malaysia
• 10.8. Philippines
• 10.9. Singapore
• 10.10. South Korea
• 10.11. Taiwan
• 10.12. Thailand
• 10.13. Vietnam

11. Europe, Middle East & Africa Travel Retail Market

• 11.1. Introduction
• 11.2. Denmark
• 11.3. Egypt
• 11.4. Finland
• 11.5. France
• 11.6. Germany
• 11.7. Israel
• 11.8. Italy
• 11.9. Netherlands
• 11.10. Nigeria
• 11.11. Norway
• 11.12. Poland
• 11.13. Qatar
• 11.14. Russia
• 11.15. Saudi Arabia
• 11.16. South Africa
• 11.17. Spain
• 11.18. Sweden
• 11.19. Switzerland
• 11.20. Turkey
• 11.21. United Arab Emirates
• 11.22. United Kingdom

12. Competitive Landscape

• 12.1. Market Share Analysis, 2023
• 12.2. FPNV Positioning Matrix, 2023
• 12.3. Competitive Scenario Analysis
• 12.4. Strategy Analysis & Recommendation

Companies Mentioned

• 1. Aer Rianta International
• 2. ALFA Brands Inc.
• 3. Bahrain Duty Free
• 4. China Duty Free Group Co., Ltd.
• 5. Dubai Duty Free
• 6. Dufry AG
• 7. Duty Free Americas, Inc.
• 8. Flemingo International Ltd.
• 9. Gebr. Heinemann SE & Co. KG
• 10. Hyundai Department Store Duty Free
• 11. Inflyter
• 12. King Power Group
• 13. Lagardere Travel Retail SAS
• 14. Le Bridge Corporation Limited
• 15. Lotte Corporation
• 16. LVMH Moet Hennessy Louis Vuitton S.E.
• 17. Mumbai Duty Free
• 18. Przedsiebiorstwo Handlu Zagranicznego Baltona S.A.
• 19. Qatar Duty Free Company W.L.L.
• 20. Samsung Electronics Co. Ltd.
• 21. Shilla Travel Retail Pte Ltd.
• 22. Shinsegae DF
• 23. The James Richardson Group
• 24. Tobacco Plains Duty Free Shop
• 25. WH Smith PLC