The World Journey & Tourism Council (WTTC) has launched “World Retail Tourism: Tendencies and Insights”, a report set to vary the way in which we take into consideration purchasing 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 happened at La Roca Village, a part of The Bicester Assortment, in Barcelona, Spain, to coincide with the Village’s 25th 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 enhance to economies throughout the globe, it has traditionally been under-researched, resulting in a scarcity of important knowledge for strategic foresight.
The newest WTTC report addresses this hole, providing insights into travellers’ purchasing 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 phase started to get better from the COVID-19 pandemic in most markets in 2021, with the Americas and Europe main the way in which. Demonstrating outstanding progress, it outpaced general economies in nearly all markets pre-pandemic, showcasing its resilience and future progress 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 international trade earnings, and helps native manufacturers and merchandise.
The report highlights rising themes, together with ‘retailtainment’ – the fusion of retail and leisure – to incentivise purchasing and improve the shopper’s expertise. Julia Simpson, WTTC President & CEO, mentioned: “Retail tourism is now not nearly shopping for souvenirs; it’s a driving drive behind the restoration of the Journey & Tourism sector, contributing considerably to income, job creation, and general financial progress.
“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.
Desirée Bollier, The Bicester Assortment Chair and World Chief Service provider, mentioned: “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 progress with aware actions. By way of 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.”
Professor Haiyan Track, Director of Hospitality and Tourism Analysis Middle within the Faculty of Resort and Tourism Administration at The Hong Kong Polytechnic College, mentioned: “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.”
The report supplies worthwhile insights into the spending patterns and preferences of immediately’s purchasing vacationers. It underscores the merging of experiential tourism with purchasing, assembly the calls for of retail vacationers. Whereas high-street outlets stay well-liked purchasing 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 purchasing enhances reasonably than substitutes conventional retail experiences.
The report additionally gives worthwhile suggestions for stakeholders in retail tourism, offering steerage on methods to navigate these rising traits efficiently. Whereas the way forward for retail tourism appears to be like optimistic, it’s important to acknowledge and deal with sure obstacles, together with challenges associated to labour legal guidelines and the affect of tax-free purchasing insurance policies.