WTTC unveils the power of Retail Tourism
The World Journey & Tourism Council (WTTC) has launched “World Retail Tourism: Developments and Insights”, a report set to alter the best way we take into consideration procuring 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 revealed throughout an occasion which came about 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 important enhance to economies throughout the globe, it has traditionally been under-researched, resulting in an absence of vital information for strategic foresight.
The most recent WTTC report addresses this hole, providing insights into travellers’ procuring habits, together with visits to out-of-town retail locations, and highlights rising developments comparable to sustainable retail. This report sheds mild on the immense untapped potential of retail tourism for each locations and companies.
In keeping with the report, this section started to get well from the COVID-19 pandemic in most markets in 2021, with the Americas and Europe main the best way. Demonstrating exceptional progress, it outpaced general economies in virtually all markets pre-pandemic, showcasing its resilience and future progress prospects.
Retail tourism is enjoying a pivotal position within the restoration of the Journey & Tourism sector, which noticed inbound tourism revenues surging by 82% in 2022. Buying is not only a leisure exercise; it shapes journey selections, enhances vacation spot attraction, boosts overseas change earnings, and helps native manufacturers and merchandise.
The report highlights rising themes, together with ‘retailtainment’ – the fusion of retail and leisure – to incentivise procuring and improve the client’s expertise. Julia Simpson, WTTC President & CEO, mentioned: “Retail tourism is not nearly shopping for souvenirs; it’s a driving power 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 searching for genuine manufacturers that seize the tradition and uniqueness of their vacation spot, in addition to luxurious manufacturers in an expensive 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 acutely aware actions. By means of vacation spot integrity, technological embrace, public-private cooperation, empathising with the traveller’s standpoint and advocating for well-considered insurance policies, we chart the trail for retail tourism’s dynamic future.”
Professor Haiyan Music, Director of Hospitality and Tourism Analysis Middle within the Faculty of Lodge 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 offers worthwhile insights into the spending patterns and preferences of in the present day’s procuring vacationers. It underscores the merging of experiential tourism with procuring, assembly the calls for of retail vacationers. Whereas high-street retailers stay in style procuring locations, out-of-town retail can also be rising in recognition, with round one-third of survey respondents reporting visits to such locations. Moreover, on-line procuring enhances slightly than substitutes conventional retail experiences.
The report additionally affords worthwhile suggestions for stakeholders in retail tourism, offering steerage on how one can navigate these rising developments efficiently. Whereas the way forward for retail tourism appears optimistic, it’s important to acknowledge and tackle sure obstacles, together with challenges associated to labour legal guidelines and the influence of tax-free procuring insurance policies.