Premium spirits giant Beam Suntory is helping duty free and travel retail stakeholders to keep track of industry optimism levels by supporting the TRBusiness TR Confidence Tracker as the exclusive sponsor.
Launched at the beginning of 2023, the quarterly tracker monitors sentiment among DF&TR stakeholders, for the benefit of the industry.
It provides a vital snapshot of confidence levels throughout the year to help stakeholders at all levels stay attuned to how optimistic executives are feeling about the industry as whole and the performance of their business in the channel.
To date, individuals from leading companies including Lacoste, TFWA, Maldives Airports Company Limited (Maldives Duty Free); gateretail; Retail inMotion, GMAX Travel Retail, Food Accademia, Intelligent Track Systems, E. Gluck Corp., Cloetta Global Travel Retail and many more, have contributed to the TR Confidence Tracker.
The flash poll has revealed that confidence levels among respondents has dwindled by 21 percentage points in 2023 (from the start of the year to Q3 2023).
To complete the picture for the full year, the Q4 2023 survey will be going live shortly (stay close to TRBusiness.com…)
A useful industry barometer
“Knowledge is power – and collaboration is key,” said Manuel Gonzalez, Brand Marketing Director Global Travel Retail at Beam Suntory.
“The industry needs to work together in order to keep evolving and progressing. Gathering accurate data and informative insights are vital.
“That’s why I’m very pleased to support an initiative that regularly and reliably delivers clear and accessible information, gathered from fellow duty free and travel retail industry stakeholders.”
As DF&TR stakeholders reflect on 2023, it will be interesting to see how optimism tracks in the fourth quarter.
For Beam Suntory, the outlook for 2024 is “very positive”.
“We are now moving into a new acceleration stage, targeting significant growth in the years ahead,” said Gonzalez.
“The channel has experienced real recovery post-Covid, and with APAC travel numbers now starting to improve too, we are confident that our impressive 2023 results will continue.
“Innovation remains key: travelling consumers are increasingly open to exploring new products. There is definitely a clear uptrend in demand for luxury and exclusive expressions, which we are answering via our renewed focus on premiumisation, and by helping to deliver an elevated shopping experience. Looking ahead, digital is set to play an even bigger role.
“Accordingly, we have made significant progress on our digital journey and strategy, in line with our aim to be recognised as one of the best possible digital partners for our retailers and consumers.”
Following the last few years spent sharpening its strategy, Beam Suntory is concentrating its efforts on its focus brands and key geographical areas.
“In 2024 we aim to further strengthen our successful sales trajectory by continuing to deliver exceptional products, excellence in execution, and enhanced experiences for both our consumers and our retail partners,” said Gonzalez.
“As a global company with an extensive portfolio of diverse and in-demand brands, we are fully committed to driving additional value for our customers across our existing footprint, while we continue to expand into new geographies and categories.”
Taking part in the TR Confidence Tracker
The TR Confidence Tracker features two multiple choice indicator questions and takes just seconds to complete via our online portal.
You can take part anonymously, if you wish. There’s also the option to provide vital context for your sentiments shared by going on-the-record and commenting on the dynamics that are influencing how you see the DF&TR industry and your business in the channel evolving.
Stay close to TRBusiness for the details of the next poll.