Year in Review
Introduction
The welcome normalisation of aviation, travel and travel retail accelerated in 2023, leaving us with a broadly positive view of our sector as we enter 2024. Travel retail has rebounded with vigour from the dark days of 2020, 2021 and 2022.
The fundamentals for the year ahead look healthy. Global passenger traffic is forecast to reach 9.4 billion in 2024, exceeding the figure of 9.2 billion in 2019, with all regions bouncing back to pre-pandemic levels or beyond, according to ACI forecasts.
But there are headwinds too. In our soundings from around the industry not many people are getting carried away with assumptions about how traffic and travel will translate into conversion and spend. A combination of concerns about inflation, consumer confidence, currency fluctuation, plus conflict and social and political unrest and uncertainty – present to varying degrees across many markets – has prompted airports and retailers to press the ‘caution’ button.
The Moodie Davitt Report’s best read stories of 2023
We bring you the list of the ten best-read news items from travel retail’s most popular home page, www.moodiedavittreport.com, from 1 January to 19 December 2023.
At the MEADFA Conference in November Dubai Duty Free Chief Operating Officer Ramesh Cidambi summed up a widely held retailer view that modest growth is likely in 2024.
“We want the brands to be realistic about the growth potential,” he said. “We will see a small rise in passenger traffic next year, and are budgeting just +1.38% in sales growth for the year. So we don’t see big increases across the categories. Caution is advised.”
With a fair wind, 2024 could still be a year to remember. More Chinese outbound travel, the continued emergence of Indian outbound travel, more Gen Z and Millennials flying more often for leisure or to seek new experiences, plus the continued return of business travel all nurture a feeling that we can at least be optimistic about the period ahead.
That sense is backed up by the investment and innovation we have seen in terminal and store development, in brand launches and campaigns, and in combined creativity among the Trinity partners.
All of these elements are reflected in our Year in Review section in this title, in which we present our selection of memorable images, video, interviews, Blogs, ESG initiatives and our choices of People of the Year.
We wish all of our readers health and happiness this festive season and peace and prosperity in 2024.
Martin Moodie Founder & Chairman The Moodie Davitt Report
Dermot Davitt President The Moodie Davitt Report
Partner's message
The Moodie Davitt eZine Issue 330 | 22 December 2023
The Moodie Davitt eZine is published 14 times per year by The Moodie Davitt Report (Moodie International Ltd).
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