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Asia Pacific’s airport retailmarket is projected to grow to US$33.8 billion by 2026, driving the global market to $63.4 According to GlobalData, the growth will be driven by the increase in retailspace and passenger numbers as cross-border travel resumes and the relaxation of lockdown and duty-free regulations.
Notably, the sales of luxury cars, predominantly dominated by Audi, Mercedes-Benz, and BMW in recent years, have reached record-breaking numbers, with all three brands witnessing nearly 100 per cent growth in retailsales compared to the previous year.
Brands that had previously relied on bricks-and-mortar sales had to accelerate their e-commerce strategies, TikTok became an extremely effective advertising and marketing tool, and certain retail categories like travel retail saw their sales drop virtually overnight. The market is expected to grow to US$126.48
Surviving and thriving in today’s competitive retailmarket requires more than offering quality products at best prices. Exceptional customer service goes beyond driving sales. The annual retailsales in the UK totaled 496 billion pounds in 2022, growing significantly over the last decade.
For product startups, partnering with a retailsales agency often feels like a natural step. These agencies bring expertise, established relationships, and credibility to help your brand penetrate retailmarkets. Sometimes, the very agency you trusted to drive your retail success may start holding your business back.
With total retailsales projected to reach $350 billion this year, Vietnam is rapidly becoming a key player in Asias retail landscape. Savills explores the key drivers of growth, market challenges and future opportunities shaping Vietnams retail industry this year. per cent year-on-year in Q4 last year.
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