Asia Pacific overtakes Europe in duty free and travel retail sales

It is the first time ever for the booming region to claim top spot with sales of US$16 billion in 2011.

This is up 25.5% from 2010, according to new research from analyst Generation Research.

Dissected per region, Asia Pacific led the sector followed closely by Europe, then America. The Middle East and Africa markets account for smaller, single-digit percentages of the total duty free and travel retail sales.

"Of the US$46 billion worth of global duty free and travel retail sales, 35% was generated in the Asia Pacific region, 34% in Europe, 23 % in the Americas, 7% in the Middle East and 1% in Africa. Asia's share of the pot has increased steadily over the last 10 years as its economies have experienced extraordinary economic growth," said Generatin Research.

The global duty free and travel retail industry involves the trade and sale of premium and prestige products to travellers at the world's international airports, on airlines, ferries, cruiselines and ports as well as at downtown and border duty free stores.