WTTC discloses retail tourism’s power

Tuesday, September 12, 2023

The WTTC has recently introduced “Global Retail Tourism: Trends and Insights”, a report prepared to alter the method of thinking in terms of shopping tourism.

The joint research between the Hospitality & Tourism Research Centre, Hong Kong Polytechnic University, and WTTC in collaboration with The Bicester Collection, was unveiled at an event that happened at La Roca Village, in Barcelona, part of The Bicester Collection in Spain, to overlap with the 25th anniversary of the village.

Retail tourism in 2019 represented a considerable US$178BN, encompassing 6% of the value of tourism and exceeding 15% in few places of attractions.

In spite of this major enhancement to the financial systems worldwide, it has been under-researched historically, creating a dearth of true information for strategic farsightedness.

The recent report of the WTTC highlights this breach, providing insights into the shopping habits of the travellers, comprising visits to places which are located out-of-town and emphasizes on emerging trends like sustainable retail.

This report also throws light on the huge potential of retail tourism, both in terms of businesses and destinations that remains unexplored.

This segment, as per the report, started to recuperate from the pandemic ill sides in majority of the markets in 2021.

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• WTTC unveils the power of retail tourism