Introduction

Welcome to our review of 2025, in which we track the many highlights and talking points of another momentous year in travel retail.

The past 12 months have seen profound global political and economic change, which in turn has had an unmistakeable impact on aviation and tourism, the twin industries underpinning the fortunes of travel retail. Yet it has also been a year in which these sectors – and the business of travel retail itself – have again proven their much-heralded resilience in the face of turbulence and uncertainty.

With the once stable system of global alliances thrown into question, transformation in the world economy prompted in large part by the US tariffs wave, regional conflicts becoming more acute, an acceleration of mass migration and climate uncertainty now part of the ‘new normal’, aviation, tourism and travel face a period of continuing uncertainty.

All of these factors play on consumer sentiment – and have had impacts on category performance from spirits (notably at the prestige end) to beauty to fashion.

Even against that backdrop the big picture remains broadly positive.

Over 1.1 billion tourists travelled internationally in the first nine months of 2025, a rise of +5% year-on-year and +3% ahead of pre-pandemic 2019, according to the latest UN World Tourism Barometer.

The positives for our channel from fast-rising markets such as Saudi Arabia, India and Indonesia, to name just three, should not be under-estimated as airport infrastructure improves sharply on one hand, and the populations of these countries take their place among the most sought-after travel retail shoppers of the world, both at home and abroad. Those positive dynamics will only accelerate in 2026 and beyond.

In the pages ahead we present our choice of the most striking and memorable images, video, interviews and Blogs, plus sustainability and diversity & inclusion initiatives of the past year, as well as our best-read stories and our most popular LinkedIn posts.

Plus we proudly bring you our People of the Year selections, representing an outstanding list of men and women named for their values, commitment and contributions to their colleagues, communities and the wider industry.

In these turbulent and uncertain times for many, we wish all of our readers health, happiness and peace for 2026.