The post WTTC unveils the effectiveness of Retail Tourism showed up initially on TD (Travel frequent Media) Travel Regular Media.
The planet Travel & Tourism Council (WTTC) features established “Global Retail Tourism: Trends and Insights”, a study set-to replace the way we think of shopping tourism. The joint research between WTTC therefore the Hospitality & Tourism Research Centre of The Hong-Kong Polytechnic University, in collaboration with The Bicester Collection, ended up being published during a meeting which occurred at Los Angeles Roca Village, the main Bicester range, in Barcelona, Spain, to coincide using the Village’s 25th anniversary.
In 2019, retail tourism represented an amazing US$178BN, comprising 6per cent of Travel & Tourism sector’s price, and surpassing 15percent in certain locations. Regardless of this considerable boost to economies across the globe, it offers typically already been under-researched, leading to insufficient vital information for strategic foresight.
The most recent WTTC report addresses this space, supplying ideas into travellers’ shopping practices, including visits to out-of-town retail spots, and features emerging styles such as for instance lasting retail. This report sheds light on enormous untapped potential of retail tourism both for spots and businesses.
According to the report, this portion begun to cure the COVID-19 pandemic generally in most areas in 2021, utilizing the Americas and Europe in the lead. Showing remarkable development, it outpaced overall economies in just about all areas pre-pandemic, showcasing its resilience and future growth leads.
Retail tourism is playing a pivotal role when you look at the recovery regarding the Travel & Tourism industry, which saw inbound tourism revenues surging by 82% in 2022. Searching is not any longer just a leisure activity; it shapes travel choices, improves destination appeal, boosts foreign currency profits, and supports regional brands and services and products.
The report features growing motifs, including ‘retailtainment’ – the fusion of retail and entertainment – to incentivise shopping and improve the customer’s experience. Julia Simpson, WTTC President & CEO, said: “Retail tourism isn’t any much longer almost purchasing souvenirs; it’s a driving force behind the data recovery of the Travel & Tourism sector, adding notably to income, work creation, and overall financial development.
“This report underscores the untapped potential of retail tourism and need for stakeholders over the Travel & Tourism industry to adapt to switching traveller preferences. Travellers are looking for authentic brands that catch the tradition and uniqueness of their destination, as well as deluxe companies in a luxurious environment.
Desirée Bollier, The Bicester Collection Chair and international Chief vendor, said: “Merging economic prosperity with enriching experiences, retail tourism uplifts communities while celebrating social history.
“A collaborative approach between retail, travel, and tourism elevates the traveller’s journey, balancing sector growth with aware activities. Through destination stability, technological embrace, public-private collaboration, empathising using the traveller’s perspective and advocating for well-considered guidelines, we chart the trail for retail tourism’s powerful future.”
Professor Haiyan Song, Director of Hospitality and Tourism Research Center in the School of Hotel and Tourism Management at The Hong-Kong Polytechnic University, said: “Sustainability in Travel & Tourism will continue to develop in relevance following the COVID-19 pandemic and it’s also crucial that retailers understand how much buyers and travellers are willing to buy renewable services and products.”
The report provides valuable ideas to the investing habits and preferences of today’s shopping tourists. It underscores the merging of experiential tourism with shopping, fulfilling the needs of retail tourists. While high-street stores stay popular shopping destinations, out-of-town shopping can be developing in appeal, with around one-third of review respondents stating visits to such spots. Furthermore, internet shopping complements instead of substitutes conventional retail experiences.
The report now offers important tips for stakeholders in retail tourism, providing guidance on simple tips to navigate these promising trends effectively. Whilst future of retail tourism looks positive, it’s important to acknowledge and address certain hurdles, including challenges linked to labour rules and also the influence of tax-free shopping policies.
The post WTTC unveils the power of Retail Tourism showed up initially on Vacation Daily Media.
Resource website link
