"In a Nutshell, the Travel Retail Industry Stands at a Crossroads" Alex Liu, Managing Partner and Chairman at Kearney, comments, "In a nutshell, the travel retail marketplace is at a turning point. The pandemic has disrupted established norms, and significant shifts are reshaping the buying landscape. The days of old are behind us, and the entire industry must undergo a revitalization process."
In anticipation of his participation in tomorrow morning's TFWA Airport Forum, Alex Liu, Managing Partner and Chairman at Kearney, shared valuable insights with Ross Falconer.
The upcoming TFWA Airport Forum will introduce a new report commissioned by TFWA and conducted by the renowned global consultancy firm, Kearney. This report aims to explore strategies that will maintain the allure of the duty-free and travel retail sector as a compelling investment opportunity for brands and retailers.
Liu elaborates, "In a nutshell, the travel retail marketplace is at a turning point. The pandemic has disrupted established norms, and the buying force is experiencing strong shifts. Old ways have become obsolete, necessitating a complete industry rejuvenation. Importantly, there are considerable untapped economic benefits along the entire value chain, awaiting a full-scale system reboot. With constructive enhancements, the adoption of innovative practices, and strengthened collaboration among all stakeholders, the future holds promise for the travel retail sector."
The report conducted a comprehensive evaluation of the industry's current state, providing a roadmap for its revitalization. Liu notes, "Our team conducted an extensive analysis, including a global traveler survey that included both quantitative and qualitative inquiries to a representative sample of 3,500 travelers from 10 countries. We also conducted interviews with over 40 executives who provided valuable insights into the challenges, opportunities, and aspirations they hold for the industry."