PARIS, June 12, 2012 /PRNewswire/ --
The duty free and travel retail community assembled last month for the most important event in the industry's history in the Asia Pacific region. TFWA Asia Pacific & GATE ONE2ONE, the annual conference and exhibition event in Singapore for stakeholders in the industry in the dynamic Asia Pacific region, was larger and better attended than at any time in its 17 year history, evidence of the growth potential of the trade in the dynamic Asia Pacific region.
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Vital contribution to transport infrastructure
The global duty free and travel retail industry - the trade in premium and prestige products to travellers at the world's international airports, on airlines, ferries, cruiselines and ports as well as at downtown and border duty free stores - is worth some US$46 billion in sales each year.
This revenue, and other non-aeronautical revenue streams such as advertising, food & beverage and car parking, is of immense importance to airports and to airlines. It not only provides vital funds for the maintenance and development of the airport facilities, its contribution to an airport's coffers means that airport charges can be held down for airlines and consequently passenger fares can be kept down. It is estimated that 50% of an international airport's revenue is derived from duty free, travel retail and other non-aviation activity. At Paris Charles de Gaulle airport, for example, commercial activities generate 60% of total revenues for the airport.
Similarly the international ferry sector, which fulfils an obvious need to transport goods and passengers, is supported to a large extent by commercial retail turnover.
Asia Pacific on the rise
In 2011 the Asia Pacific region outperformed Europe in duty free and travel retail sales for the first time since the industry was born over 60 years ago with sales of US$16bn, up 25.5% on 2010, according to independent industry analyst Generation Research.
Of the $46 billion worth of global duty free and travel retail sales, 35% was generated in the Asia Pacific region, 34% in Europe, 23 % in the Americas, 7% in the Middle East and 1% in Africa. Asia's share of the pot has increased steadily over the last 10 years as its economies have experienced extraordinary economic growth.
Full press release at http://www.tfwa.com/communique_multimedia
SOURCE Tax Free World Association