Duty-free sales fell 5%, or about $1 billion in 2001, according to the Tax Free World Association, Paris, France. Executives however expect the travel industry to grow 6.5% a year for the next two decades. Sales of fragrance and cosmetics in particular are expected to increase 4.2% a year between 2001 and 2004, according to Swedish tracking firm Generation. Of the 5% loss, Generation executives said only 1.8% were from beauty sales.
Travel Retail Business Expected to Pick Up
Published November 11, 2005
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