Shopping tourism refers to travels taken by individuals specifically for shopping purposes beyond their regular shopping needs. Many travelers nowadays are seeking unique and customized shopping experiences at local markets, specialty stores, outlets, and malls rather than generic shopping destinations. Shopping tourism provides a blend of leisure and retail therapy where people can explore diverse shopping destinations while enjoying the local culture, sights and cuisines.
The global Shopping Tourism Market is estimated to be valued at US$ 267.21 Billion in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Shopping Tourism are Japan Deluxe Tours, Trafalgar Tours, EF Educational Tours, The Shopping Sherpa, Luxury Escapes, Costco Travel, AAA Vacations, Travel + Leisure, Context Travel, Intrepid Travel, Tauck Tours, Backroads, Country Walkers, G Adventures, World Expeditions, AdventureSmith Explorations, Esquire Travel, and Abercrombie Kent. These companies offer customized shopping packages and tours leveraging their experience in the tourism industry.
The growing desire for unique experiences among global travelers is fueling the demand for specialized shopping tours and trips. Shopping Tourism Market Demand companies are designing engaging activities and lucrative deals to fulfill the aspirations of experiential travelers.
Asia Pacific has emerged as one of the leading regions for shopping tourism owing to the presence of thriving retail hubs in countries such as Thailand, Malaysia, Singapore, and Japan. Meanwhile, the Middle East is also gaining prominence as a lucrative shopping tourism destination supported by tax-free shopping areas and world-class malls. Shopping tourism continues to expand across global markets.
Market Key Trends
Personalized and customizable shopping experiences have become one of the Consumer Product And Retail Market Travelers nowadays want to explore niche shopping areas aligned with their interests and budget rather than tagging along generic tours. This has enabled the growth of specialized shopping tours and trip customization facilities tailored to individual traveler's profile and preferences. Furthermore, the blending of shopping with local food, art, culture and heritage is also gaining traction. Shopping tourism companies are leveraging this trend to develop holistic and immersive trips covering multiple aspects beyond retail therapy.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand loyalty reduce threats of new entrants. However, established players have strong brand awareness and distribution channels.
Bargaining power of buyers: Buyers have high bargaining power due to availability of many options and lack of switching costs. Buyers can easily switch to other destinations or players.
Bargaining power of suppliers: Suppliers like accommodation providers, tour operators have moderate power due to established relationships with buyers and dependencies on each other for business.
Threat of new substitutes: Threat from alternate routes of shopping like online, pop-up stores is moderate as experience of traveling to new places is primary motivation.
Competitive rivalry: Intense competition due to many regional and global players offering differentiated experiences and price points. Players compete on basis of value adds, promotions.
Geographical Regions
North America accounts for over 40% share in shopping tourism market value owing to high disposable incomes, frequent international travelers from US and Canada. Countries like US, Canada, UK, Germany, France are major source markets.
Fastest growing region for shopping tourism market is Asia Pacific. Countries like China, India, Singapore, Japan, South Korea are witnessing double digit annual growth in outbound shopping trips. Rising affluence, global exposures are driving Asians to explore world for unique shopping experiences and quality goods from international brands.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191
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