More People Are Going Abroad But They Are Spending Less Money on Their Travels
More People Are Going Abroad But They Are Spending Less Money on Their Travels, Reveals Ongoing Worldwide Study of Travel Shopping Behavior
Trend underlines a significant worldwide spending downturn that could have serious implications for the travel retail industry, says Horizon Consumer Science.
About The 2018 Global Traveler Report: More than 31,000 traveling consumers from 38 countries have been surveyed since 2012 for the four Travel Retail Catalyst Studies (TRaCS) which make up the 2018 Global Traveler Report. TRaCS is designed to be ...
LOS ANGELES, Nov. 20, 2018 /PRNewswire/ -- The 2018 Global Traveler Report reveals that despite record numbers of air travelers, up from 415 million in 2012 to a projected 808 million this year, the size of the travel retail market is slowly shrinking.
Global travel retail spending has dropped by $15 billion from $397 billion in 2016 to a projected $382 billion this year.
The average traveling consumer is now spending $491 per trip, almost $170 less than in 2012, says the report.
Bucking the trends in almost every category is China. Between 2016 and 2018 Chinese travelers increased in outward bound traffic by a staggering 50% and now account for 40% of the money spent on travel retail around the globe.
Chinese travelers are not just spending more in airport duty-free, but also increasing in numbers – and keeping travel retail afloat while many other nationalities decrease their spending and their travel abroad.
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