Turnover at airport shops will rise 11 per cent, according to Verdict Research, making it the fastest growing retail sector after the internet.
Verdict lead analyst Nick Gladding said: “The key factors stimulating this growth are increased affluence, growing tourism, rapidly expanding airline networks and new routes. The increase in business travel, as a result of globalisation, is providing a further boost to airport retailers.”
The Middle East has experienced the fastest growth of traffic to its airports, with sales in its key markets – United Arab Emirates, Qatar, Bahrain and Oman – more than doubling to reach US$1.2 billion (£642.2 million) between 2002 and 2007. Verdict estimates that sales in the region will hit US$2.5 billion (£1.34 billion) by 2012.
The emerging Indian and Chinese markets are also continuing to enjoy rocketing sales growth at airports. Spending in Indian and Chinese markets is expected to reach US$318 million (£170.2 million) and US$612 million (£327.5 million) respectively by 2012.