Barcelona, Spain – The World Journey & Tourism Council (WTTC) has at the moment launched “International Retail Tourism: Developments and Insights”, a report set to alter the way in which we take into consideration buying tourism.
The joint analysis between WTTC and the Hospitality & Tourism Analysis Centre of The Hong Kong Polytechnic College, in collaboration with The Bicester Assortment, was printed throughout an occasion which passed off at La Roca Village, a part of The Bicester Assortment, in Barcelona, Spain, to coincide with the Village’s twenty fifth anniversary.
In 2019, retail tourism represented a considerable US$178BN, comprising 6% of the Journey & Tourism sector’s worth, and exceeding 15% in some locations.
Regardless of this important increase to economies throughout the globe, it has traditionally been under-researched, resulting in a scarcity of vital information for strategic foresight.
The most recent WTTC report addresses this hole, providing insights into travellers’ buying habits, together with visits to out-of-town retail locations, and highlights rising traits corresponding to sustainable retail.
This report sheds gentle on the immense untapped potential of retail tourism for each locations and companies.
In accordance with the report, this section started to recuperate from the COVID-19 pandemic in most markets in 2021, with the Americas and Europe main the way in which. Demonstrating exceptional development, it outpaced general economies in nearly all markets pre-pandemic, showcasing its resilience and future development prospects.
Retail tourism is enjoying a pivotal position within the restoration of the Journey & Tourism sector, which noticed inbound tourism revenues surging by 82% in 2022. Procuring is not only a leisure exercise; it shapes journey choices, enhances vacation spot enchantment, boosts overseas trade earnings, and helps native manufacturers and merchandise.
The report highlights rising themes, together with ‘retailtainment’ – the fusion of retail and leisure – to incentivise buying and improve the shopper’s expertise.
Retail tourism is not nearly shopping for souvenirs; it is a driving power behind the restoration of the Journey & Tourism sector, contributing considerably to income, job creation, and general financial development.
This report underscores the untapped potential of retail tourism and the necessity for stakeholders throughout the Journey & Tourism sector to adapt to altering traveller preferences. Travellers are in search of genuine manufacturers that seize the tradition and uniqueness of their vacation spot, in addition to luxurious manufacturers in an opulent setting. Julia Simpson, WTTC President & CEO
Merging financial prosperity with enriching experiences, retail tourism uplifts communities whereas celebrating cultural heritage.
A collaborative strategy between retail, journey, and tourism elevates the traveller’s journey, balancing sector development with aware actions. By vacation spot integrity, technological embrace, public-private cooperation, empathising with the traveller’s viewpoint and advocating for well-considered insurance policies, we chart the trail for retail tourism’s dynamic future. Desirée Bollier, The Bicester Assortment Chair and International Chief Service provider
Sustainability in Journey & Tourism will proceed to develop in significance after the COVID-19 pandemic and it’s crucial that retailers perceive how a lot buyers and travellers are keen to pay for sustainable merchandise. Professor Haiyan Tune, Director of Hospitality and Tourism Analysis Heart within the Faculty of Resort and Tourism Administration at The Hong Kong Polytechnic College
The report supplies precious insights into the spending patterns and preferences of at the moment’s buying vacationers. It underscores the merging of experiential tourism with buying, assembly the calls for of retail vacationers.
Whereas high-street retailers stay well-liked buying locations, out-of-town retail can be rising in recognition, with round one-third of survey respondents reporting visits to such locations. Moreover, on-line buying enhances slightly than substitutes conventional retail experiences.
The report additionally provides precious suggestions for stakeholders in retail tourism, offering steerage on find out how to navigate these rising traits efficiently.
Whereas the way forward for retail tourism seems constructive, it is important to acknowledge and deal with sure obstacles, together with challenges associated to labour legal guidelines and the influence of tax-free buying insurance policies.
Overcoming these limitations will probably be essential for the continued development and sustainability of this dynamic sector.
The World Journey & Tourism Council (WTTC) represents the worldwide journey & tourism personal sector. Members embrace 200 CEOs, Chairs and Presidents of the world’s main journey & tourism corporations from all geographies protecting all industries. For greater than 30 years, WTTC has been dedicated to elevating the attention of governments and the general public of the financial and social significance of the journey & tourism sector.