This was our seventh time to exhibit at TFWA Asia Pacific Exhibition in Singapore and it proved to be in every way as exhilarating as our first show in 2011.
- There were some 316 exhibiting companies and plenty of buyers to go around!
- Preliminary figures for 2016 show that global duty free and travel retail sales were just over US$63.5 billion – an increase of 2.5% over 2015.
- Once again the powerhouse that pulled the industry away from negative growth was the Asia Pacific region, which delivered sales of just over US$27.5 billion, representing a 42% share of global sales and an impressive 9.1% year on year increase.
- According to recent 10 year forecasts, duty free and travel retail sales in Asia Pacific will outstrip the global average and the region will account for 47% of global sales.
- Global passenger numbers were 8.16 billion, with Asia Pacific contributing 2.9 billion of those.
- Economically, by 2025, Asia’s GDP will be larger than that of Europe and the USA combined.
- Asia’s economic strengths are becoming more broad-based. In the 1990’s the Asia story was primarily about Japan, but now it’s about China, and in the next 20 years – India, Indonesia, Vietnam, and the Philippines will become the economic powerhouses.
- Significantly Asia is also steadily becoming less dependent on exports to the rest of the world. A growing share of Asian economies exports are intra-Asia – about 60%. Also, Asia invests in Asia – with China, Japan and Korea being the 3 biggest investors in the region.
- Forecasted GDP rates indicate a ‘global’ average growth at 3.6% while Asia Pacific will average 5.6%.
- Chinese travellers will remain the number one growth engine but Indian travellers are the second fastest growing after China.
So clearly Asia Pacific is the region to be in, and judging by the interest shown in our South African wines, Japanese Sake and Scotch Whisky we should be well placed to give the growing Asian passenger and consumer want they want: whether at an airport duty free shop, sitting on the airline at 30,000 feet, enjoying a cruise, crossing the border or shopping on the ferry.
They can be sure that Diverse Flavours has something for them!