Optimism levels among respondents to the Q4 2024 TR Confidence Tracker are holding strong, quarter-over-quarter, with 67.22% of those who took part in the flash poll feeling optimistic about the global travel retail (GTR) industry over the next 12 months (compared to almost 70% in Q3 2024).

Similarly, 75.86% of respondents report being optimistic about their organisation’s performance in travel retail over the next 12 months (compared to 76.09% in Q3).

In turn, respondents with a neutral outlook, as well as those with a pessimistic stance, also remained relatively stable compared to the shifts seen in previous quarters.

The results of the final quarter of the year complete the picture for 2024, which started on a strong note, with 85.71% of respondents being optimistic about the GTR industry over the next 12 months, dipping to 50% in Q2 before recovering to 70% in Q3 and finishing the year on 67.22% in Q4.

Those who went on the record with their participation shared insights into the results, with several raising the impact of global passenger dynamics.

“The global travel retail industry in Latin America and the Caribbean shows promising signs of growth and resilience for the next 12 months. Key factors contributing to this optimism: economic recovery, increased air connectivity, tourism growth… While challenges such as currency volatility and operational hurdles remain,” said Diego de Freitas, Conference Manager & Business Developer at ASUTIL.

Added Richard Timmis, Data Consultant, Category Insight: “[The] slowdown in Chinese spend is a concern, however, PAX continues to grow so it’s beholden to retailers and brands to work together so all parties benefit.”

More comment came from stakeholders in the wines and spirits category

“There are so many regions that are facing headwinds most of which are at a macro level and it has created a difficult trading environment,” said Barry Geoghegan, Founder, Duty Free Global Ltd.

“International travel is approaching pre-pandemic levels seen in 2019, with a notable increase in passenger movement through airports and international borders. While spending may not yet match those levels, the resurgence of travellers fills me with optimism for what 2025 holds,” said Harry Peter Kartasis, Managing Director, Global Drinks Ltd.

Added Simon Roffe, Business Development Director, The Welsh Whisky Company (Penderyn Distillery): “With all the economic and political factors in play I believe 2025 can be a year of consolidation after tough conditions in TR and international business last year.”

The far-reaching role of technology is was also in the spotlight.

“With the rapid rise of AI and the growing presence of Gen Z travellers at global airports, the travel retail industry stands yet again at a pivotal crossroads,” said Karl Walter, Partner, Blueprint.

“At Blueprint, we are optimistic about 2025, as more and more airports and operators are actively reshaping their landscape by adopting new technologies and being innovative when it comes to customer engagement and product offerings.

“There is still a lot of work to be done, but the industry is heading in the right direction.”

Ultimately, the power of experiences was underscored.

“In an age of immense globalisation but considerable instability, travellers desire to explore new horizons, focusing not on the exotic but rather on authentic experiences,” commented said Fabrizio Canal, CEO, Food Accademia.

On the factors influencing sentiment about their organisation’s performance in travel retail over the next 12 months, respondents shared the following:

“In 2025 we are going to have a couple of construction sites as we are going to improve the airside concession programme. Full benefit from 2026,” revealed Jens Degner, Business Development Commercial Centers, Flughafen Zürich AG.

“I expect and overall increase in Asia driven by an increase of traffic but also by the recent acquisition of some new clients,” commented Pier Giuseppe Torresani, Sales Director, Export and Travel Retail, Masi.

“I believe that it is best to ‘double down focus; on those markets that are less affected by the geo political and economic woes,” added Geoghegan.

What provided the biggest boost for your company in DF&TR during Q4 2024 (October to December) and did this help propel you toward your year-end goals?

“We see clients are seeking new opportunities and have continually engaged in fresh approaches to multichannel opportunities.” Eng Hill, Managing Director, TSPtravelretailspaceplanners

“Strong pax numbers on certain routes on the Baltic Sea. Increased in-store demos on selected routes. Increased sales in German border stores.” Fredrik Borin, Managing Director, North Agencies

“Good passenger numbers, strong offers, visibility in store and some considered seasonal products all helped Q4 2024 sales.” Aisling Walsh, Marketing Director, Butlers Chocolates

“Our success in 2024 has been boosted by NPDs and new listings.” Ramon Olivé Altès, Head of Sales – Global Travel Retail, Henkell Freixenet

“The biggest boost for ASUTIL in Q4 2024 came from the momentum generated by the successful Bogotá Conference and key meetings during the TFWA World Exhibition in Cannes. Bogotá fostered significant after-event business opportunities, strengthening industry collaboration, while the Cannes announcement of Lima as the venue for Nexus 2025 secured widespread participant confirmations and major sponsor commitments. These achievements capped off the year by solidifying ASUTIL’s influence in DF&TR and creating a strong foundation for the year ahead.” Diego de Freitas, Conference Manager & Business Developer at ASUTIL.

“More purchasing teams being open to new brands that can help engage new and younger travellers.” Sean McNaughten, Founder, FreeWorld Brands

“New gift with purchase packs across our gin portfolio really increased rate of sale towards the end of the year. We focussed on Greenall’s and Opihr to include a jigger (drink measure) on the glass. As a result this initiative will stay on pack all year round.” Oliver Storrie, Managing Director GTR, Domestic LATAM, ME & Arica, Quintessential Brands Group

“Increased sales with existing customers and expanded distribution of existing product lines.” Franco Gabriele, President, Alfa Brands

“We were very happy and surprised the way that Jeju island in South Korea performed, particularly when you consider how challenging the business was in Incheon. We were also happy to see the global demand for premium bourbon and tequila continue to grow strongly.” Barry Geoghegan, Founder, Duty Free Global Ltd.

“New and growing brand partnerships to serve our customers in markets even better. Leveraging further our digital kingofreach.com platform and its data insights makes our business continue to go strong.” Joris Broekmans, Director Duty Free & Travel Retail, B&S

“Additional new business generated following TFWA events in new markets.” Simon Roffe, Business Development Director, The Welsh Whisky Company (Penderyn Distillery).

“Our first full year with brands such Au Vodka (one of the fastest growing spirit brands in GTR) listed in many outlets including some activations etc had a huge effect on our results with strong sales continuing in the last quarter. Also our fairly recent addition of the excellent Douglas Laing range of Scotch Whisky was extremely well received.” Garry Maxwell, Director/Founder, GMAX Travel Retail.

“Network & the trust from our retail partners/clients.” Thomas Pedersen, Sales Director/Partner, Summerbird Organic

“New product launch of iPhone 16, combined with increased focus on sustainability and in store execution.” Alan Brennan, VP Sales, PanzerGlass

“The launch of the Misaka whisky brand marked a significant milestone for Global Drinks Ltd in 2024. The results from Q4 2024 demonstrated that each new account gained was not only a business success but also a personal achievement, propelling GDL into 2025 with renewed momentum.” Harry Peter Kartasis, Managing Director, Global Drinks Ltd

“Definitely the Avolta UK listing for Taylor’s LBV and Taylor’s 10YO in the main UK airports, as well as Taylor’s listing in the main South Korean concessions/operators.” João Vasconcelos, Sales Directorm, Taylor’s Port

“Travellers are making much more conscious choices, and it is changing both the composition of customers and their behaviour. Research on consumer trends around the world shows that customers today are seeking experiences rather than simply ‘buying a product’. We developed a new business model in line with the expectation of many players in the industry: we must offer passengers an experience. Italian wine & food has the opportunity to produce a new identity in travel retail. The market has changed consolidating new habits: it will be increasingly necessary to adopt strategies of brand recognition and product enhancement.” Fabrizio Canal, CCEO, Food Accademia

About the TR Confidence Tracker

TRBusiness launched the TR Confidence Tracker at the beginning of 2023 to track optimism levels among DF&TR stakeholders throughout the year.

The quarterly flash poll monitors two key indicators: how optimistic DF&TR stakeholders are feeling about the GTR industry and their organisation’s performance in travel retail over the next 12 months.

It takes just a few minutes for respondents to share their views via the online portal. There’s the option to take part anonymously or go on-the-record and provide supporting comments. The results are shared at TRBusiness.com and/or via our other touchpoints.

Thank you to all those who participated.

The Q1 2025 TR Confidence Tracker flash poll will be live in April 2025.

Q3 2024 RESULTS: GTR industry optimism levels improve in Q3 following sharp decline in Q2

Q2 2024 RESULTS: Optimism levels tumble Q2 TR Confidence Tracker

Q1 2024 RESULTS: Optimism getting back on track in Q1 yet faith in business performance stalls

Q4 2023 RESULTS: Faith in business performance in GTR wanes in Q4 2023, reveals flash poll

Q3 2023 RESULTS: Industry confidence levels shrink over 25% in Q3

Q2 2023 RESULTS: Pessimism impacting confidence levels in Q2, shows TR Confidence Tracker

Q1 2023 RESULTS: 91% of respondents optimistic about the GTR industry, says flash poll

EARLY 2023 RESULTS: 89% of respondents ‘optimistic’ about their TR business, shows flash poll