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In a groundbreaking revelation, the World Travel & Tourism Council (WTTC) showcased the meteoric rise of retail tourism. Their latest research report, “Global Retail Tourism: Trends and Insights,” is a testament to the unexplored potential of shopping tourism, revealing it’s more than just a leisurely indulgence – a thriving pillar supporting the global economy.

Released in collaboration with the Hospitality & Tourism Research Centre of The Hong Kong Polytechnic University and The Bicester Collection, this report was fittingly unveiled at La Roca Village, Barcelona, commemorating its 25th anniversary.

Statistics from 2019 spotlight the enormous financial contribution of retail tourism, chalking up an impressive US$178BN, making up 6% of the entire Travel and tourism sector. Some locales even boasted figures above 15%. Despite its apparent economic boon, limited research has been conducted in this area, leaving industry leaders without the valuable data to harness its full potential.

Addressing this oversight, the WTTC’s report dives deep into the global traveller’s shopping psyche, drawing attention to sustainable retail and the increasing allure of out-of-town shopping destinations.

As the world grappled with the pandemic, retail tourism showcased its robustness. Bouncing back in 2021, especially in the Americas and Europe, it dwarfed the growth of entire economies in numerous pre-pandemic markets. Astoundingly, the Travel and tourism sector experienced an 82% surge in inbound revenues in 2022, primarily propelled by retail tourism.

A highlighted trend, ‘retailtainment’ – the confluence of shopping and entertainment – is revolutionizing the consumer journey. Julia Simpson, WTTC President & CEO, reiterated, “Retail tourism is more than souvenirs. It’s at the heart of Travel & Tourism’s revival, significantly impacting revenue, job markets, and overall economic upliftment.”

Desirée Bollier, Chair at The Bicester Collection, emphasized the balance between economic growth and rich experiences. Retail tourism doesn’t just uplift economies; it celebrates cultural heritages and broadens horizons. “By merging retail with travel and tourism, we’re charting a dynamic future for this sector,” she added.

With sustainability taking centre stage post-pandemic, Professor Haiyan Song from The Hong Kong Polytechnic University highlighted the urgent need for retailers to gauge shoppers’ willingness to invest in sustainable products.

While the glimmer of high-street shops never fades, almost a third of shoppers have been gravitating towards out-of-town retail destinations. In this digital age, e-commerce is not replacing traditional shopping but enriching it.

The report concludes by offering insights for retail tourism stakeholders and recommending ways to ride the wave of these burgeoning trends. However, challenges like labour laws and tax-free shopping policies must be addressed for retail tourism to blossom.

As the world stands at the cusp of a retail revolution, it’s evident that the blend of shopping and tourism is the elixir the global economy desperately needs.