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The U.S. continues to be the most preferred shopping destination

The U.S. continues to be the most preferred shopping destination

According to the World Travel & Tourism Council (WTTC), shopping vacationers continue to favor the United States, which will be highlighted during Virtuoso Travel Week, which will be held in Las Vegas from August 13–18. WTTC President & CEO, Julia Simpson, stated during her participation in the event today that “retail tourism is a thriving market segment of the Travel & Tourism sector in the U.S.”

The 7th of September will see the publication of a joint research project between WTTC and the Hospitality and Tourism Research Centre of The Hong Kong Polytechnic University, in partnership with The Bicester Collection, at an event taking place at La Roca Village, a component of The Bicester Collection, in Barcelona, Spain.

The analysis estimates that in 2019, retail tourism generated US$178.2 billion, accounting for 6% of the travel and tourism industry overall and up to 15% in some locations. Researchers have historically ignored retail tourism, leaving travel companies with little information to plan and make wise investments.

The most recent study from the WTTC aims to change that by offering insightful information about people’s shopping preferences when traveling, such as out-of-town retail destinations, as well as the newest developments in retail tourism, such as sustainable retail, and the enormous potential they have for both destinations and businesses.

According to the most recent data made public by the international organization, the U.S. ($34.7 billion) will contribute the most retail tourism to GDP in 2019. The COVID-19 pandemic presented obstacles, but the U.S. maintained its top spot in 2020 with US$17.5 billion and continued to increase in 2021, bringing in US$23.9 billion through retail tourism.

Shopping is one of life’s greatest pleasures for millions of people all across the world, according to WTTC President & CEO Julia Simpson. The pandemic had a significant impact on both the travel and retail sectors, but as the world is starting to recover, this report demonstrates how shopping can also turn into a journey.

“Our latest findings on the U.S. highlight the critical role that retail tourism plays in the country’s Travel & Tourism sector, reinforcing its allure as a shopping mecca.” Tourism earnings have increased in countries where the government offers tax-free shopping incentives to this retail sector. Visitors have shifted to other nations like France or Italy as a result of countries like the UK eliminating tax-free shopping, depriving the UK economy of vital export profits.

Since France instituted a three-day VAT rebate window for purchases above €100 in 2019, shops in Paris have prospered. The Bicester Collection has seen a remarkable increase in Paris trips, surpassing London as the UK phased out its VAT refund system.

The upcoming WTTC report aims to offer a thorough overview of retail tourism, covering shopping patterns, new trends, and the opportunities and problems the industry confronts. The study presents a comprehensive viewpoint on this important market segment by incorporating insights from industry professionals, academics, and practitioners.

In order to help destinations attract new visitors, encourage retail tourism, and promote sustainable growth in this sector, this ground-breaking research will also offer recommendations for the public and commercial sectors.

Source- Travel daily

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