
Left: Sunil Tuli, Group CEO, King Power Group (Hong Kong. Right: P&C unit at Bangkok Suvarnabhumi Airport.
In his capacity as Group CEO of King Power Group (Hong Kong), Sunil Tuli, who is also President of the Asia Pacific Travel Retail Association (APTRA), offers his view on pinpointing opportunities amid pressures and why maintaining a sense of innovation, energy and discovery for younger consumers is paramount for travel retailers. Read on for his contribution to this year’s Global Industry Survey….
Please note: These comments for the Global Industry Survey 2026 were submitted in January 2026.
How would you assess the global travel retail industry in 2025?
Throughout 2025, the industry faced the central concern of the widened gap between air passenger traffic growth and travel retail sales, exacerbated by the continuing pressures of inflation, the cost of living crisis and weakened consumer spending in many economies.
Consumers have been more cautious and discerning in their spending decisions, and, in response, we have seen many notable initiatives in the industry to re-ignite engagement and develop stronger communication of the value and unique appeal of the travel retail channel.

King Power City Boutique at the One Bangkok mixed-use development.
What are your expectations for travel retail in 2026?
It’s clear that geo-political instability, regional conflicts and global economic disruption, particularly driven by the trade tariffs issue, will continue to pressure the industry in 2026. Despite those pressures, the core fact remains that air travel continues to surge, and we must welcome the huge opportunities that this provides, and deliver stronger, more effective responses.
Consumers are not being awkward; they’re simply doing what consumers do in every retail channel. They assess the offer, and they make their choice. We have seen some exciting initiatives to improve in-store engagement, including innovative partnerships between suppliers/brands and retailers and I’m optimistic that our industry can develop greater momentum in developing deeper engagement with the traveller. However, we need to see stronger, smarter understanding and targeting of Gen Z in particular.

King Power Rangnam downtown store in Bangkok.
And what do you expect will be the biggest opportunities for the DF&TR industry in 2026?
The industry’s biggest opportunity – and its biggest challenge – is to engage and drive desire with younger consumers, especially Gen Z, that travel retail is an essential element of their journey. These fast-paced, digital-living consumers are the most informed cohort that travel retail has ever faced; they are hard to convince and are also very easily lost – especially if the industry focus is on transaction over experience. Particularly among new air travellers in Asia, it’s essential to engage and excite them now to win them back on every journey.
Maintaining that level of innovation, energy and discovery is a huge challenge for this year but investment in bigger thinking and deeper collaboration between brands and retailers to create emotional connections with shoppers is the key to embed travel retail into their journeys for the long term.

A version of this article first appeared as part of the Global Industry Survey 2026, which featured in the January 2026 issue of TRBusiness.
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