6 Min Read |
As a sales channel, travel retail accounts for a significant and increasing percentage of many beauty brands annual turnover. Unfortunately, last yearâs pandemic has seen this channel shrink dramatically. Even larger brands like Coty and LâOreal have not been shielded, with both reporting significant losses at the end of Q3 2020 as a result of decreased consumer travel.
This was anticipated of course since travel restrictions were established as barriers to prevent further spread of the virus. As a result, this has greatly limited consumer interaction with travel-based retail spaces like airports and cruise ships.
Ironically, despite being the epicenter for the virus, China is one of very few markets where this drop-off has not been felt. Elsewhere, across the Americas, Europe, and the Middle East, the channel has seen a sales drop between 75-85% since the pandemic began.
Whatâs At Stake?
The majority of beauty brands have a considerable…
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Updated July 2021