cannes_2024_TUESDAY_ISSUE

T he duty free and travel retail industry stands at a critical juncture, requiring continuous evolution in today’s market. It is essential for industry players to swiftly adapt and stay agile to cater to the new generation of travelling consumers. To thrive, brands must tackle these challenges head-on, while building and maintaining strong customer loyalty, exploring new growth opportunities, and connecting with tech-savvy customers. In yesterday morning’s TFWA World Conference, Sam Rad, anthropologist, futurist, best-selling author and CEO of meta-media studio Radical Next, explored emerging trends and changes in consumption behaviour. “Travel retail is in a transformative phase, and it’s no longer just about selling goods – it’s about delivering immersive, customised experiences,” said Rad. “Travellers want spaces that reflect their values: sustainability, individuality, and well-being.” Key themes in the address included: • Adaptive environments: retail spaces that respond to individual needs in real-time. • On-demand localised production: personalised goods, created sustainably onsite. • Artificial Intelligence (AI)-powered personalisation: from custom fragrances to tailored wellness solutions, consumers expect hyper- specific products. Rad highlighted several emerging trends that are shaping the future. Expanding on the theme of on-demand and localised production, she explained that travellers want real-time, personalised goods – whether it’s 3D-printed souvenirs at airports or custom sneakers fresh off a cruise. “We’ll see a shift from ‘supply chains’ to ‘demand chains’ and brands become retailers with onsite manufacturing and personalisation.” Gen Z is all about immersive, personal experiences, such as custom fragrances, and wellness solutions tailored to biometric data. Millennials want efficiency and well-being. “They’re renting bespoke outfits, hitting on-demand gyms, and booking coworking spaces during layovers,” said Rad. “Baby Boomers are embracing retirement on cruise ships or in all-inclusive settings, seeking personalised health and wellness products designed for long-term travellers who value comfort and luxury. They’re looking for long-termwellness and luxury on the go. Retailers should offer products that cater to this community’s wellness and comfort needs.” Another key trend is sustainability and transparency. Consumers are eco-conscious and expect brands to be transparent about where products come from. “Onsite production reduces waste and meets the demand for ethical products,” Rad commented. She also addressed radical trends, emphasising that Virtual Reality (VR)/Augmented Reality (AR) digital travel is coming. Think virtual stores where you buy blockchain-authenticated luxury The future of travel may be tech-augmented, but it is profoundly human Sam Rad, anthropologist, futurist, best-selling author and CEO of meta-media studio Radical Next: “Travel retail is in a transformative phase, and it’s no longer just about selling goods – it’s about delivering immersive, customised experiences. Travellers want spaces that reflect their values: sustainability, individuality, and well-being.” Tuesday 1 Oc tobe r 2024 6 T F W A D A I L Y