According the ETRC Index, in the first half of 2022, travel retail continued to be heavily impacted as a result of the Covid-19 pandemic with international passenger levels down -28% and value sales down by -25% compared to H1 2019.
However, following a static performance in the first quarter of this year, Q2 2022 has shown a significant rate of recovery, with the Q2 value sales deficit falling to -17% vs. Q2 2019, following a deficit of -35% in Q1 2022.
The report compiled by Pi Insight for the members of the European Travel Retail Confederation (ETRC), outlines that the recovery continues to be underpinned by several key dynamics including value sales recovering quicker than international passenger numbers, although several trends, including the increased rates of spend per passenger are now softening.
“Value sales continue to recover quicker than international passenger numbers, although each metric is now following a similar trend. Each of the core categories shows strong rates of recovery with each sub-category also posting a positive contribution,” said Steve Hillam, Managing Director at Pi Insight.
“Spend per pax trend is now normalising, although it remains at a higher level in H1 2022 than spend per PAX in H1 2019.”
Julie Lassaigne, ETRC Secretary General, said: “As anticipated, Q2 2022 delivered strong results for European Travel Retail thanks to increased international travel in the region. We are pleased to see Travel Retail remains relevant for travellers in Europe.
“We hope this will be further confirmed by the results for Q3 2022 which will be unveiled at the ETRC Business Forum organised in Amsterdam on 26 January 2023.”
Developed as an exclusive service to ETRC members, the ETRC Index is compiled by Pi Insight thanks to data contributed by participating Travel Retailers of ETRC and the support of ForwardKeys for passenger data.