Welcome to our first e-zine of the year and the launch of our hotly anticipated state-of-the-industry report, which is bigger and bolder than ever before.

Indeed, this year’s Global Industry Survey attracted a 22% boost in respondents compared to 2025, which we at TRBusiness feel demonstrates the genuine enthusiasm of stakeholders from all corners of the business to utilise this platform to air their thoughts on the dynamics characterising the trading environment – and how it may all play out 2026.

It has been fascinating delving into the responses – thank you once again to all those who have taken the time out of their busy schedules to contribute.

Please click here to read the January issue featuring the Global Industry Survey 2026.

TRBusiness’ annual survey has been running since 2004 and what started as essentially a pulse-check of duty-free and travel retail stakeholders has evolved into a comprehensive report featuring a wealth of exclusive comment courtesy of everyone from CEOs of powerhouse retailers to association chiefs, airports, distributors and leading suppliers.

Click on the cover image to go straight to the ezine.

This year, stakeholder input has given rise to more than 100 pages of coverage. This is why, for the first time in the history of the survey, we are devoting practically the entire January issue to the insights (bookended by our regular features, including some exciting new formats).

It also marks the inaugural time that we are bringing you sections dedicated to exploring the dynamics impacting core duty-free categories within the survey coverage, complete with data, qualitative insights from key players and nuggets of thought leadership.

The end result is an incredibly valuable collective intelligence resource that is enlightening reading for all those with skin in the game. Moreover, it’s a vital reference tool for the year ahead.

To give you just a taste of what to expect, from a topline perspective, 60% of respondents to the annual survey think the coming year’s trading environment will be better than 2025, with 34% believing it will be the same and just 6% forecasting it to be worse – this sentiment is stable compared to last year’s poll. While confidence levels haven’t changed dramatically, many elements of the business, arguably, have.

The questions that were selected to feature in the survey were chosen especially to dig into the conversations that are currently dominating the agenda – and there’s a lot to discuss. While passenger traffic is rising – global international departures are projected to hit 2.3 billion, a robust 4.6% increase over 2025, according to m1nd-set’s Business 1ntelligence Service, powered by IATA – the disconnect between the growing number of travellers moving through airports and softening consumer spend is a concern that many stakeholders believe requires a fundamental rethinking of the proposition if the business is to thrive.

Teamed with concerns around the impact of geopolitical tensions, a perceived loss of confidence in the duty-free price promise and the lack of data on the DF&TR business as a whole, and it’s easy to understand why “confidence but also pragmatism”, in the words of Lagardère Travel Retail CEO Frédéric Chevalier, is shining through.

The various comments shared with TRBusiness indicate that we should buckle up for yet another period of fast-paced transformation. Xavier Rossinyol, CEO of Avolta is expecting 2026 to be “a year of acceleration for travel retail”.

As Chevalier relays, from the French travel retailer’s perspective, the importance of staying relevant is paramount.

“We expect spend per passenger to remain under pressure, reflecting more selective consumer behaviours and evolving expectations,” he told us. “In this context, relevance becomes essential – both in terms of assortments and experiences. This is why our focus continues to be on locally adapted offers, clearer value propositions and disciplined execution across our network.”

Gebr. Heinemann has provided a rich collection of insights from senior executives including Chief Sales Officer Florian Seidel who is anticipating 2026 to be a year of “cautious optimism and accelerated transformation”. As he posits: “The industry will continue to redefine itself by embracing digitalisation, personalisation and sustainability as core pillars. Travel retail remains a unique channel, and in 2026, we believe it will regain momentum as travellers seek experiences that combine convenience, exclusivity and emotional connection.”

More leading companies that have contributed to this year’s report include Aer Rianta International, King Power Group (Hong Kong), Qatar Duty Free, Fraport, ETRC, Duty Free World Council, ASUTIL, Aeroport Nice Côte d’Azur, Blueprint, IAADFS, Kounter, Lotte Duty Free, Matarat, Newmark, Shinsegae Duty Free, Tallink Duty Free, The Design Solution and TravConsult – that’s on top of a host of influential suppliers and brands. You can find it all from page 25.

We trust you find the Global Industry Survey 2026 an engaging read and a valuable resource for your business.

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