The COVID-19 pandemic has damaged the growth of the North American duty-free retail business. The sudden decline in air traffic, most notably in 2021, hampered both aeronautical and non-aeronautical revenue as carriers reduced their capacity and customers postponed foreign trips. a Canadian-based international platform for promoting airport standards and market practices, total airport revenues fell by 35% to USD 14 billion in the first quarter of 2021 and by 90% to USD 39 billion in the second quarter. Due to trade tensions and trade protectionism between China and Australia, the United States, and other trading partners, duty-free sales between these countries are likely to suffer soon. To reduce social tensions or any unrest caused by the COVID-19 pandemic's effects on employment and social inequality, governments are likely to adopt a protectionist trade policy. The COVID-19 crisis has had a particularly negative impact on the tourism market. In the first three months of 2021, China International Travel Service (CITS), a Chinese travel agency business, reported a decrease of % to USD 1.08 billion (7.63 billion yuan), going from a profit of USD 0.36 to a net loss of USD 18.89 million (120.14 million yuan).
read more..