Shopping tourism allows consumers to enjoy the excitement of browsing unique shops and boutiques while taking in the culture and sights of a destination. It provides an engaging experience of blending leisure activities with retail therapy. The shopping tourism industry has expanded dramatically over the past decade driven by rising global affluence.
Shopping Tourism Market Trends destinations offer consumers a wide variety of goods ranging from high-end designer brands to local artisanal products at competitive prices. Visitors can score deals on everything from clothing and accessories to electronics, home decor and jewelry. The experience of shopping in a new city while enjoying its atmosphere and cultural attractions has mass appeal. Shopping trips encourage consumers to indulge in aspirational purchases in a relaxed environment away from their day to day lives.
The Global Shopping Tourism Market is estimated to be valued at US$ 2.22 trillion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Key players operating in the Shopping Tourism market are TripAdvisor, copyright, HomeAway, Wotif.com, Booking Holdings,
Key Takeaways
Key players: Key players operating in the Shopping Tourism market are TripAdvisor, copyright, HomeAway, Wotif.com, Booking Holdings, Priceline Group, Ctrip.com International, Tuniu Corporation, Meliá Hotels International and Accor Hotels. These companies provide comprehensive online tools and platforms for planning shopping trips.
Growing demand: Shopping Tourism Companies affluence in emerging economies is translating to higher spending on travel and shopping related experiences. Consumers in countries like India, China and Brazil now have greater opportunities and desires for international travel. This is fueling demand for shopping tourism and destinations are catering experiential retail to draw these shoppers.
Global expansion: Destinations worldwide are recognizing the economic potential of shopping tourism and improving infrastructure to better serve these visitors. Cities like Dubai, Bangkok, Mexico City have built massive new malls and vibrant night markets to showcase their unique products and designs. Countries are also liberating visa rules to encourage more shopping tourism.
Market Key Trends
Experiential retail is a major trend in the shopping tourism market. Destinations are focusing on creating immersive shopping environments where visitors can engage with the cultural heritage and local crafts behind products. Flagship stores are integrating multimedia displays, guided tours, and workshops. Night markets have especially grown popular for offering entertainment along with variety of shopping and street food. This makes shopping a memorable rather than transactional experience driving repeat visits and word of mouth promotion on social media.
Porter’s Analysis
Threat of new entrants: Low as the existing brand loyalty and high capital requirement for new entrants to enter. Bargaining power of buyers: High as buyers have multiple options and low switching cost. Bargaining power of suppliers: Low as there are many suppliers and each supplier has low individual market share. Threat of new substitutes: Medium as alternative shopping options like online shopping are available but experience of shopping tourism is unique. Competitive rivalry: High as existing competitors constantly invest in marketing and improving customer experience to gain market share.
Geographical Regions
Europe accounts for the largest share in shopping tourism market in terms of value till 2024 majorly due to countries like France, Italy, Spain and UK which are top shopping destinations. These countries attract millions of domestic and international tourists every year specially for shopping due to abundance of world renowned brands, fashionable products and tax-free shopping facilities.
Fastest Growing Geographical Region
Asia Pacific region is expected to witness highest growth during the forecast period in shopping tourism market. Emerging economies like China and India are experiencing rise in middle class population and disposable incomes which is driving their demand for branded luxurious products. Also, countries like Thailand, Vietnam, Malaysia, Indonesia etc are strategically promoting themselves as affordable shopping hubs and witnessing double digit growth in international tourist arrivals annually.
Get More Insights On, Shopping Tourism Market
For More Insights Discover the Report In language that Resonates with you
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Comments on “Shopping Tourism Market Size Trends And Growth Analysis”