Singapore Travel Retail Market Size (2024 - 2029)

The travel retail market size in Singapore is poised for significant growth over the forecast period, driven by its status as a major hub for international travelers and luxury shoppers. This market, which includes duty-free sales, has been bolstered by the popularity of Singapore's Changi Airport, where high per-passenger spending contributes to its expansion. The market's recovery from the pandemic is evident, with improvements anticipated as it approaches pre-pandemic levels. Innovations such as online ordering and in-store pick-up services offered by duty-free operators are further enhancing the market's appeal, supporting its growth trajectory.

Home Market Analysis Retail Research Travel Retail Research Singapore Travel Retail Market Market Size

Market Size of Singapore Travel Retail Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Singapore Travel Retail Market Summary
Study Period 2020-2029
Base Year For Estimation 2023
Market Size (2024) USD 53 Billion
Market Size (2029) USD 79.5 Billion
CAGR (2024 - 2029) 6.00 %
Market Concentration High

Major Players

Singapore Travel Retail Market Major Players

*Disclaimer: Major Players sorted in no particular order

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Singapore Travel Retail Market Analysis

The Singapore Travel Retail Market size is estimated at USD 53 billion in 2024, and is expected to reach USD 79.5 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).

Travel retail, also known as duty-free, is a sales procedure comprising commercializing goods relating to various product categories. This sales channel comprises goods that have not had the taxation or excise applied to their sale price and are on sale to customers who are travelers. Travel retail is a retailing channel that provides products to international travelers.

Famous duty-free areas in Singapore’s Changi Airport have become destinations in themselves with their high per-passenger spend for duty-free, helping the market grow. 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 the pandemic on the Singapore economy was significant and was seen in the travel retail market due to lockdown restrictions. Further, in recent years, the market has improved and will return to the pre-pandemic level in the near future.

Singapore Travel Retail Industry Segmentation

Travel retail is commonly used to describe the duty-free retail industry and all retail activities dedicated to travelers and tourists. 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 by distribution channel. Singapore's travel retail market is segmented by product type into beauty and personal care, wines and spirits, tobacco, edibles, fashion accessories and hard luxury, and other types. The distribution channel segments the market into airports, airlines, ferries, and other distribution channels. 

The report offers market size and forecasts for Singapore's travel retail market in terms of value (in USD) for all the above segments.

Product Type
Beauty and Personal Care
Wines and Spirits
Tobacco
Eatables
Fashion Accessories and Hard Luxury
Other Product Types
Distribution Channel
Airports
Airlines
Ferries
Other Distribution Channels
Need A Different Region Or Segment?
Customize Now

Singapore Travel Retail Market Size Summary

The travel retail industry in Singapore, also known as duty-free shopping, is a significant segment of the retail market, catering to international travelers with a wide range of products exempt from taxes and excise duties. This sector has been experiencing robust growth, driven by Singapore's status as a major hub for luxury shopping and its strategic location for both leisure and business travel. The iconic Changi Airport plays a pivotal role in this growth, offering a unique shopping experience with high per-passenger spending on duty-free goods. The market is characterized by a diverse array of products, including fashion, accessories, alcohol, fragrances, cosmetics, and luxury goods, appealing to both local and international travelers. The industry has also embraced technological advancements, such as online ordering and in-store pick-up services, enhancing the shopping experience for travelers.

Consumer spending is a key driver of the travel retail market in Singapore, with major companies expanding their presence through exclusive outlets at airports. The fragmented nature of the industry sees numerous players, from major international brands to mid-size and smaller companies, competing for market share. Notable players include Lagardere Travel Retail, WH Smith, DFS, Gebr. Heinemann, and Lotte Duty Free, with some companies expanding their offerings through strategic acquisitions and technological innovations. The market is poised for continued growth, supported by the increasing culture of luxury consumption and the expanding number of international travelers. As the industry recovers from the pandemic's impact, it is expected to return to pre-pandemic levels, driven by the ongoing demand for duty-free shopping experiences.

Explore More

Singapore Travel Retail Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Tourism Across The Globe

      2. 1.2.2 Growing Airport Infrasturcture

    3. 1.3 Market Restraints

      1. 1.3.1 Growth of E-Commerce

      2. 1.3.2 Stringent Regulatory Landscape

    4. 1.4 Market Opportunities

      1. 1.4.1 Integration of Technology and Digital Transformation

      2. 1.4.2 Collaborations and Partnership Across the Market

    5. 1.5 Industry Value Chain Analysis

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Buyers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitutes

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Insights on Key Trends, Recent Developments, and Technology Innovation in the Market

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Product Type

      1. 2.1.1 Beauty and Personal Care

      2. 2.1.2 Wines and Spirits

      3. 2.1.3 Tobacco

      4. 2.1.4 Eatables

      5. 2.1.5 Fashion Accessories and Hard Luxury

      6. 2.1.6 Other Product Types

    2. 2.2 Distribution Channel

      1. 2.2.1 Airports

      2. 2.2.2 Airlines

      3. 2.2.3 Ferries

      4. 2.2.4 Other Distribution Channels

Singapore Travel Retail Market Size FAQs

The Singapore Travel Retail Market size is expected to reach USD 53 billion in 2024 and grow at a CAGR of greater than 6% to reach USD 79.5 billion by 2029.

In 2024, the Singapore Travel Retail Market size is expected to reach USD 53 billion.

Singapore Travel Retail Market Report Snapshots

Travel Retail Industry in Singapore Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)