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A health check andtheinnovation imperative | 2026 A word from TFWA The findings of this joint TFWA and Oliver Wyman study arrive at a defining moment for travel retail in Asia Pacific. While recoveryis clearly underway, the report also highlights a more fundamental reality: the industry is no longer navigating a temporarydisruption, butadapting to a structural reset in how consumers travel, shop, and engage with brands. Volatility is no longer an exception to manage around—it has become a permanent operating environment. Geopoliticaltensions, shifting aviation dynamics, changing tourism patterns, and evolving consumer expectations are reshaping thefoundations of the sector. In this context, growth cannot rely solely on the return of historicaltravelerflows or the gradualnormalization of demand. One of the most important conclusions of this study is that travel retail now faces a strategic choice. The sector can continuecompeting primarily on transactional advantages and traditional commercial models, or it can redefine its role within the broadertravel experience. Increasingly, consumers—particularly younger and more internationally connectedtravelers—expectrelevance, personalization, convenience, and emotional engagement as much as they expect price competitiveness. The report also usefully challenges simplified assumptions around Asia’s recovery trajectory. While Chinese outbound demandremains highly significant, growth is becoming more diversified, with India and several Southeast Asian markets emerging asincreasingly influential contributors. This evolution requires a more nuanced understanding oftravelerbehavior, culturalexpectations, and spending motivations. The notion of a single “APACtravelerprofile” is rapidly becoming outdated. FranckWaechter At the same time, the acceleration of digital commerce and AI-driven personalization is redefining competitive advantage acrossthe industry. The question is no longer whether travel retail should embrace technological transformation, but how quickly thesector can translate data, consumer insight, and operational agility into more meaningful customer experiences. In manyrespects, the competitive benchmark for travel retail is no longer other airports—it is the broader luxury, retail, and digitalecosystem competing for the same consumer attention and spending. Managing DirectorTax Free World Association For TFWA, this study reinforces the importance of deeper collaboration across the industry. Airports, retailers, brands, andservicepartners will need to move beyond traditionally siloed approaches to create more connected, flexible, andtraveler-centricecosystems. Future growth will depend not only on passenger volumes, but on the sector’s collective ability to increase relevance,trust, and engagement throughout the journey. On behalf of TFWA, I would like to sincerely thank Oliver Wyman for the quality and depth of this research. Their analysis providesvaluable perspective at a time when the industry must balance short-term uncertainty with long-term transformation. TFWAremains committed to supporting its members through insight, dialogue, and platforms that help the global travel retailcommunity anticipate change, strengthen resilience, and shape the future of our industry with confidence. A word from Oliver Wyman WearepleasedtopartnerwithTFWAonthisyear’sreport,continuingOliverWyman’sdecade-longsurveyofAsiaPacifictravelretail. Overthepasttenyears,ourresearchhastracedatrajectoryofextraordinarytransformation—fromaperiodofunprecedentedexpansionandtheprofounddisruptionofthepandemictothecurrentstructuralreset.Whilethemarketoutlookfor2026isnotablystrong,characterizedbyaresurgenceinChineseaffluentconsumerconfidenceandarenewedintenttotravel,themarketisnotreturningtopreviousstatusquo.Instead,wenowstandatadefiningmoment.Theshiftsinhowconsumerstravel,spend,andengagewithluxuryarestructuralandpermanent.Domesticspendingwillcontinuetoremaindominant,andtheconsumer’spursuitofvaluehasevolvedbeyondthepricetagtoencompasstheintegrityandrelevanceofthetotalshoppingexperience. Pedro YipPartner, APAC Headof Consumer Matt AustenManaging PartnerAsia Pacific Theimplicationsfortravelretailersareclear:Tocapitalizeonthisresurgenceindemand,theindustrymustfundamentallyredefineitsproposition.Successinthisnewlandscaperequirescreatingvaluethattranscendstraditionalpromotionallevers.Thewinningleadersinthenextdecadewillcomefromthosewhoorchestrateconsistentbrandnarrativesacrossfragmentedchannelsandgeographieswithspeedandsurgicalrelevance.Thisnecessitates viewing omnichannel strategies not as an elective digital layer,but as the essentialinfrastructureofaseamless,data-drivencustomerjourney. Furthermore,therelationshipbetweenretailersandbrandsmustevolveintooneofstrategicco-creation.Fromcurated,immersiveexperiencestohighlyexclusive,time-limitedofferings,thegoalmustbetoamplifytheperceptionofdesirabilityandlocalizedrelevance.Investmentinfront-linetalentanddigitalagilityisnolongeraseconda