By  on May 12, 2015

SINGAPORE — Sales growth within the duty-free and travel retail segment is slowing down and the ever-evolving desires of the Asian traveler — along with the rise of online shopping — will present even more challenges to the sector, according to industry players here.

While Asia currently holds the largest market share of duty-free sales at 37.6 percent, retailers are seeing a slowdown in growth rates despite the increase of travelers. In 2014, the $62 billion industry had only a 3.5 percent increase in revenues in Asia, a sharp drop from 12.1 percent growth seen in 2013. Tax Free World Association (TFWA) president Erik Juul-Mortensen believes that this is “a cause for concern.”

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