SINGAPORE, 11 September 2023: The World Travel & Tourism Council (WTTC) has launched \u201cGlobal Retail Tourism: Trends and Insights\u201d, a report set to change how we think about shopping tourism.<\/p>\n\n\n\n
The joint research between WTTC and the Hospitality & Tourism Research Centre of The Hong Kong Polytechnic University, in collaboration with The Bicester Collection, was published during a recent event which took place at La Roca Village, part of The Bicester Collection in Barcelona, Spain, to coincide with the Village\u2019s 25th anniversary.<\/p>\n\n\n\n
In 2019, retail tourism represented a substantial USD178 billion, comprising 6% of the Travel & Tourism sector’s value and exceeding 15% in some destinations. Despite this significant boost to economies globally, it has historically been under-researched, leading to a lack of critical data for strategic foresight.<\/p>\n\n\n\n
The latest WTTC report addresses this gap, offering insights into travellers\u2019 shopping habits, including visits to out-of-town retail destinations, and highlights emerging trends such as sustainable retail.<\/p>\n\n\n\n
The report sheds light on the immense untapped potential of retail tourism for both destinations and businesses. The shopping segment began to recover from the Covid-19 pandemic in most markets in 2021, with the Americas and Europe leading the way. Demonstrating remarkable growth, it outpaced overall economies in almost all markets pre-pandemic, showcasing its resilience and future growth prospects.<\/p>\n\n\n\n
Retail tourism is playing a pivotal role in the recovery of the Travel & Tourism sector, which saw inbound tourism revenues surging by 82% in 2022. Shopping is no longer just a leisure activity; it shapes travel decisions, enhances destination appeal, boosts foreign exchange earnings, and supports local brands and products.<\/p>\n\n\n\n
The report highlights emerging themes, including \u2018retailtainment\u2019 \u2013 the fusion of retail and entertainment \u2013 to incentivise shopping and enhance the customer\u2019s experience.<\/p>\n\n\n\n
WTTC president & CEO Julia Simpson said: \u201cRetail tourism is no longer just about buying souvenirs; it’s a driving force behind the recovery of the Travel & Tourism sector, contributing significantly to revenue, job creation, and overall economic growth.<\/p>\n\n\n\n
\u201cThis report underscores the untapped potential of retail tourism and the need for stakeholders across the Travel & Tourism sector to adapt to changing traveller preferences. Travellers are looking for authentic brands that capture the culture and uniqueness of their destination and luxury brands in a luxurious setting.<\/p>\n\n\n\n
The report provides valuable insights into today’s shopping tourists’ spending patterns and preferences. It underscores the merging of experiential tourism with shopping, meeting the demands of retail tourists.<\/p>\n\n\n\n
While high-street shops remain popular shopping destinations, out-of-town retail is also gaining popularity, with around one-third of survey respondents reporting visits to such destinations. Additionally, online shopping complements rather than substitutes traditional retail experiences.<\/p>\n\n\n\n
It also offers valuable recommendations for stakeholders in retail tourism, guiding how to navigate these emerging trends successfully.<\/p>\n\n\n\n
While the future of retail tourism looks positive, it’s essential to acknowledge and address certain obstacles, including challenges related to labour laws and the impact of tax-free shopping policies.<\/p>\n\n\n\n
(SOURCE: WTTC)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" SINGAPORE, 11 September 2023: The World Travel & Tourism Council (WTTC) has launched \u201cGlobal Retail Tourism: Trends and Insights\u201d, a report set to change how we think about shopping tourism. The joint research between WTTC and the Hospitality & Tourism Research Centre of The Hong Kong Polytechnic University, in collaboration with The Bicester Collection, was […]<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[246,1581],"tags":[],"class_list":{"0":"post-226075","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-singapore","7":"category-trends"},"yoast_head":"\n