This year’s TFWA World Exhibition & Conference (28 September to 2 October 2025) welcomed a record-breaking 7,999 visitors – a +7% increase on the 7,456 attendees in 2024.

Beyond the strong numbers, TFWA praised the “notably exceptional” attendance quality. Of the total visitors, 3,032 were retailers and landlords (up from 2,861), while distributors accounted for 2,559. A further 2,140 other trade visitors attended, including non-exhibiting brands, service concessionaires, and marketing agencies. Reflecting the event’s global scope, all key regions were once again well represented, TFWA said.

This year’s event was the largest to date, with the exhibition space covering more than 26,500sq m compared with 25,000sq m in 2024. Exhibitor numbers also rose, with 482 companies taking stands – a +4% increase on last year’s 462.

Media interest also reached new heights, with a record 268 journalists and social media influencers attending from across the globe. The Innovation Square attracted 929 entries.

TFWA President Philippe Margueritte delivered an inspiring state-of-the-industry address at the Conference on 29 September. He took the audience on a journey through shifting consumer expectations and evolving market dynamics, offering his perspective on the industry’s current position and strategic priorities, the outlook for duty-free and travel retail, and the opportunities on the horizon.

“We as an industry are facing strong tensions, geopolitical, economic and trade issues. This uncertainty is the worst poison for all of us. It delays investments, affects our teams and more importantly, consumer spending.

While it’s still early to know who will benefit from the tariffs and changes, and how long they will last, what is undeniable is that we are all affected, and we must adapt strategically.

Many of you know me well. I am not a blind optimist. But if I had to choose an industry today, I would choose travel retail again. Why? Because our fundamentals are very strong. The human instinct to travel and explore is deep and rooted – even today, that urge to explore drives billions of people spending trillions of dollars on the way.”

Drawing on an ACI World Traffic forecast for 2024-2035, he highlighted how international passenger growth is expected to rise by 3-4% over the period from 9.5 billion to 18 billion. This is confirmed by both Boeing and Airbus – the two companies predict over 40,000 new aircraft will be needed by 2044 to keep up with the steadily rising passenger numbers.

Further, he noted that the cruise sector is booming, with 42 million passengers forecast to set sail in 2028 (CLIA). Double-digit growth in passenger numbers over the past year and in 2025. New high-capacity ships on popular routes. In addition to 75 ocean-going vessels on order with shipbuilders, this makes it a very exciting channel.

The key pillars of growth during the past 50 years

Airspace deregulation, airport investment, retail revolution, incredible brand creativity, and demographic explosion remain true today, but challenges remain.

Issues facing the industry

  • Spend per traveller continues to decline by 4% year on year between 2019 and 2024 to $15.5 in 2024.
  • Although travel retail sales reached US$74.1 billion in 2024, they were still 13% below pre-pandemic levels, while passenger numbers are 3% above.
  • A slowing global population, lower birth rates, ageing populations, understanding how Generation Z buys and selects products, and geopolitical factors will all impact the industry.

Growth

Asia Pacific remains the largest region – US$31 billion, but shrank 2% despite record passenger numbers, largely due to less Chinese spending and political issues

  • India grew by 21%
  • Europe rose by 9.2%
  • Middle East by 8%
  • America has returned to pre-COVID levels
  • Tobacco up13%
  • Confectionary up 8%
  • Fragrance and Cosmetics down 2%
  • Liquor flat

Once again, Diverse Flavours had a great exhibition

We met many current clients, friends, and new clients for the first time, and, of course, continued conversations with potential clients over the years. Duty Free and Travel Retail remain a fantastic channel for all luxury brands, and the scope and variety of our industry remain an enigma to many.

It requires patience, perseverance, and commitment – great brands and people!