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Barcelona, Spain – The World Journey & Tourism Council (WTTC) has in the present day launched “World Retail Tourism: Tendencies 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 occurred 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 vital increase to economies throughout the globe, it has traditionally been under-researched, resulting in a scarcity of essential knowledge for strategic foresight.
The newest WTTC report addresses this hole, providing insights into travellers’ buying habits, together with visits to out-of-town retail locations, and highlights rising traits similar to sustainable retail.
This report sheds mild on the immense untapped potential of retail tourism for each locations and companies.
In line 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 total economies in virtually all markets pre-pandemic, showcasing its resilience and future development prospects.
Retail tourism is enjoying a pivotal function within the restoration of the Journey & Tourism sector, which noticed inbound tourism revenues surging by 82% in 2022. Procuring is now not only a leisure exercise; it shapes journey selections, enhances vacation spot attraction, 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 now not nearly shopping for souvenirs; it is a driving drive behind the restoration of the Journey & Tourism sector, contributing considerably to income, job creation, and total 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 on the lookout for 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 method between retail, journey, and tourism elevates the traveller’s journey, balancing sector development with acutely aware actions. By vacation spot integrity, technological embrace, public-private cooperation, empathising with the traveller’s perspective and advocating for well-considered insurance policies, we chart the trail for retail tourism’s dynamic future. Desirée Bollier, The Bicester Assortment Chair and World 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 prepared to pay for sustainable merchandise. Professor Haiyan Track, Director of Hospitality and Tourism Analysis Heart within the College of Lodge and Tourism Administration at The Hong Kong Polytechnic College
The report offers worthwhile insights into the spending patterns and preferences of in the present day’s buying vacationers. It underscores the merging of experiential tourism with buying, assembly the calls for of retail vacationers.
Whereas high-street retailers stay in style buying locations, out-of-town retail can be rising in reputation, with round one-third of survey respondents reporting visits to such locations. Moreover, on-line buying enhances somewhat than substitutes conventional retail experiences.
The report additionally affords worthwhile suggestions for stakeholders in retail tourism, offering steering on how one can navigate these rising traits efficiently.
Whereas the way forward for retail tourism appears optimistic, it is important to acknowledge and tackle sure obstacles, together with challenges associated to labour legal guidelines and the impression of tax-free buying insurance policies.
Overcoming these obstacles will probably be essential for the continued development and sustainability of this dynamic sector.
For extra data and to entry the Retail Tourism report, please go to the WTTC Analysis Hub web site or e-mail [email protected]
About WTTC
The World Journey & Tourism Council (WTTC) represents the worldwide journey & tourism non-public sector. Members embrace 200 CEOs, Chairs and Presidents of the world’s main journey & tourism firms from all geographies overlaying 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.
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