According to a report by the World Tourism Organization (UNWTO), shopping tourism represents around 30% of total tourism expenditure worldwide. This includes spending on shopping-related activities such as retail purchases, dining, and entertainment. The report also notes that shopping is a key motivator for tourism in many destinations, particularly in Asia and the Middle East.
Another report by Allied Market Research estimates that the global shopping tourism market size was valued at $171.3 billion in 2019 and is expected to reach $327.8 billion by 2027, growing at a CAGR of 9.4% from 2020 to 2027. The report attributes the growth of the shopping tourism market to factors such as rising disposable incomes, increasing preference for international travel, and the growth of e-commerce.
Therefore, while the exact market share of shopping tourism is difficult to determine, shopping is a significant motivator for many tourists and can represent a significant portion of tourism expenditure. As such, retailers and destinations that cater to shopping tourism can benefit from this growing market segment.
Retailers and brands can benefit from shopping tourism by attracting tourists to their stores and products. They can do this by creating unique and memorable shopping experiences that cater to the needs and preferences of tourists. For example, retailers can offer special promotions, discounts, or exclusive products for tourists. They can also create engaging and interactive store displays that showcase the local culture and heritage.
In the latest whitepaper by ForwardKeys, we not only examine the role shopping tourism has currently in the world but also examine the current top shopping destinations and product offerings to entice people to visit, shop and perhaps extend their holiday.
Naturally, the best way to engage this audience is to know which source market is most active and pinpoint where and when they will arrive at your airport – that’s where Traveller Statistics data, insights and forecasts play a pivotal role. Contact us to learn more about our travel retail data solutions and enjoy the read!