The U.S. economy has been recovering from the recession for some time now, and recently, it's shown signs that it may be soon approaching stability. While worldwide luxury travel was down for a while, it's been bouncing back faster than the economy in general. And, of course, that is a significant indication that widespread global prosperity may not be far off.
A particularly telling aspect of this trend is the increase in sales at high-end airport stores. In a recent report, Reuters cites a study from Generation Research that says the duty-free and airport retailer sales of perfumes, cosmetics and other luxury items increased by 28.3 percent between 2008 and 2011. By 2014, the source estimates that these sales will expand by another 25 percent.
To take advantage of a potential boom in the luxury transportation industry, airports and retailers have been stepping up their efforts to appeal to affluent travelers. The media outlet says that, in particular, while Estee Lauder Cos Inc. and Louis Vuitton have been in many of the world's major airports for quite a while now, the recent growth in sales at these and similar retailers has lead other luxury companies to follow suit.
Tiffany & Co is set to open a shop at Changi Airport in Singapore later this year and will cut the ribbon on another outlet at the new Brandenburg Airport in Berlin in 2013. The news source says that Hublot, a Swiss watchmaker, is expected to open a branch at Frankfurt Airport. And, as if its 1,000 airport stores weren't enough, Estee Lauder Cos will open up a number of new shops in small airports throughout China and Brazil.
