Swiss research agency m1nd-set believes there is ‘every reason to be confident’ about travel 2021 travel retail growth prospects in China. This is despite renewed travel restrictions imposed during the lunar new year period.
M1nd-set is making this forecast based on the latest research it has undertaken on the Chinese market.
According to m1nd-set, the China-focused study on traffic and shopper insights, demonstrates that 2021 will mark the beginning of a robust return to growth for the travel retail sector in China. This is in light of consumer confidence, shopper behavioural changes and the Chinese consumer’s ‘relentless desire’ to travel.
M1nd-set’s Business 1ntelligence Service (B1S) traffic and shopper insights data tool, indicates China will experience an increase of more than 200% in international departures in 2021, to reach circa 30 million international departures.
Pre-Covid levels are expected to return by 2023, when outbound traffic is forecast to reach 88 million, following 108% growth in 2022 and 44% in 2023.
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