Wednesday, February 26, 2020

Airport retail opportunity in India to grow to $9.3 bn by 2030 from $1.4 bn: Study

New Delhi: Total opportunity for airport retail to be approximately $9.3 billion by 2030 from its estimated market size of $1.4 billion in 2019, said Knight Frank India, a global property consultancy.
 The real estate opportunity for airport operators in India is projected to be $1.6 billion by 2030. Duty -free retail, which is about 50% of the total retail opportunity currently at $0.7 billion, is expected to grow to $2 billion by 2030, says a study ‘Catch them Moving’ by the consultancy firm.
 Duty-free Revenue The duty-free market size in India, currently estimated to be at $0.7 billion, expected to reach $2 billion by 2030. According to Knight Frank Research, Delhi’s Indira Gandhi International Airport earns close to $10-11 revenue per passenger while Chhatrapati Shivaji International Airport, Mumbai, earns a duty-free revenue in the range $9-10 per passenger and Kempegowda International Airport, Bengaluru, earns duty-free revenue in the range $5-6 per passenger.
 Across the globe the famous duty-free zones in airports like Singapore’s Changi Airport, London’s Heathrow Airport and Dubai International Airport have become destinations in themselves with their per passenger spend for duty free as high as $34 and $20 for Paris and Dubai airports, respectively.
25/02/20 Economic Times
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