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华凯营销（China Trading Desk，CTD）发布的《2026年第一季度中国出境旅游调研》显示，旅游零售仍具备强劲的商业潜力，同时也凸显出运营商需要将重心从“刺激需求”转向“捕捉已在途旅客消费”的重要性。

该研究发现，中国出境旅游已趋于稳定，短期出行意愿略有回落至21.6%；但机场零售消费意愿依然强劲，达到64.3%，仅较上一季度微降0.2个百分点。2025年中国出境旅游人次达到1.675亿，预计2026年将超过1.75亿；出境旅游总消费也将由2025年的2540亿美元增长至今年预计的2800亿美元。

高价值旅客将成为机场零售增长的核心驱动力

报告显示，机场零售消费意愿在具备信心、转化意愿强的旅客群体中最为突出。其中，高净值人群的消费意愿高达76%，高频出行旅客为71.8%，而首次出境旅客仅为51.9%。

这使得重复出行和具备高消费能力的旅客成为推动客单值增长的关键群体，他们的购买决策窗口相对较短。在品类趋势方面，美妆仍然引领免税购买意愿，其次是时尚和高端配饰，而香氛、纪念品及高端食品构成了稳健的中间层。华凯营销强调，美妆和香氛是推动零售转化的核心品类，尤其当它们与明确的价值主张和更高的店前可见度结合时，其转化效果最为显著。

价格与价值驱动的产品搜索

另一项关键洞察显示，旅客在意愿与实际转化之间存在明显差距，这表明对于通常不在免税店购物的旅客而言，阻碍其消费的主要因素并非缺乏购买意愿，而是零售基础环节的问题。

研究显示，这类旅客中有33%表示难以找到想要的商品，28%认为价格偏高，21%则表示购物时间不足。研究还表明，具有竞争力的价格和保障正品是驱动免税购买的主要因素，这强调了在促进销售时，建立信任与提供价值仍比花哨的陈列或营销手法更为有效。

旅游零售品牌的最大影响力体现在出行前及购买环节。旅行应用、小红书及目的地官网能够显著影响购物意愿，而大多数购物决策在出发前就已完成，而非抵达后才做。华凯营销建议，将“发现—规划—机场转化”紧密连接：先在内容创作者和实用工具渠道中提前建立偏好，再在出票后的短期窗口内通过预订到店取货、更清晰的产品展示以及更有力的价格保障实现转化。

数据显示，机场运营方面临明显挑战：旅客普遍将机场零售视为更广泛购物旅程的一部分，而非主要目的地，仅有5%的旅客将机场作为首选购物场所，大多数人更倾向于市区购物。针对这一趋势，研究建议品牌和零售商快速降低消费摩擦——让目标品牌更容易被找到、简化促销，并让停留购物的体验比走过去更顺畅。价格促销和赠品（36%）以及试吃体验（27%）被认为是促进免税消费的重要手段，同时超过四分之三的旅客认为员工协助在购买决策中非常重要。

华凯营销创始人兼首席执行官Subramania Bhatt表示：“中国出境游对旅游零售而言不再只是简单的反弹故事。消费者有意愿，但成交更具挑战。能够胜出的品牌将是那些能更早建立偏好、让价值更清晰可见，并消除阻碍消费的摩擦的品牌。”

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China Trading Desk urges conversion-focused strategies as airport retail intent remains strong

The study found outbound travel from China has stabilised, with near-term travel intent softening to 21.6%, yet airport retail propensity remains strong at 64.3%, down just 0.2 percentage points from the previous quarter.

China outbound travel also reached 167.5 million in 2025 and is projected to surpass 175 million in 2026, with total outbound spend rising from US$254 billion in 2025 to an expected US$280 billion this year.

High-value travellers to power airport retail opportunity

The report found airport retail intent is strongest among confident, conversion-ready travellers, with high-net-worth individuals at 76% and frequent travellers at 71.8%, compared with 51.9% for first-timers.

This positions repeat and premium-capable travellers as the key segment for driving basket growth in a narrower decision window.

Turning to category trends, beauty leads duty-free purchase intent, followed by fashion and premium accessories, with fragrances, souvenirs and fine food comprising a strong middle tier.

In its stakeholder summary, CTD underscored beauty and fragrance as the key category drivers for retail conversion, particularly when combined with clear value propositions and greater pre-store visibility.

Product search against price and value

Another key insight was a clear intent-versus-conversion gap, revealing that retail fundamentals, rather than lack of desire, create the main conversion hurdle for travellers who don’t normally shop at duty-free stores.

According to the study, 33% of these travellers struggle to find desired products, 28% cite higher prices and 21% report insufficient time for shopping.

The study showed competitive pricing and guaranteed genuine products as leading motivators for duty-free purchase, underlining that delivering trust and value continues to outperform theatrical elements in driving sales.

Travel retail brands see the strongest impact ahead of journey and at the point of purchase. Travel apps, Xiaohongshu and destination websites influence shopping intent, with most shopping research finalised before departure rather than after arrival.

CTD recommends linking discovery, planning and airport conversion by building preference early in creator and utility channels, then convert in the post-ticket window with reserve-to-pickup, clearer product visibility, and stronger price reassurance.

The data presented a clear challenge for airport operators, as travellers view airport retail as part of a broader shopping journey rather than the main destination, with only 5% citing the airport as their primary venue and most favouring downtown-led shopping.

In response to this trend, the study recommends that brands and retailers reduce friction fast by making the right brands easier to find, simplifying promotions and make stopping feel faster than walking past.

Price promotions and free gifts (36%) and tastings (27%) are highlighted as key activation drivers for duty-free engagement, while over three-quarters of travellers view staff assistance as important in purchase decisions.

China Trading Desk Founder & CEO Subramania Bhatt said: “China outbound is no longer a simple rebound story for travel retail. Intent is there, but the close is harder. The winning brands will be the ones that build preference earlier, make value more legible, and remove the friction that still stops spend from landing.”

The Moodie Davitt Report is the industry’s most popular channel for launching commercialproposals and for publishing the results. If you wish to promote an Expression of Interest, Request for Proposals or full tender process for any sector of airport or other travel-related infrastructure revenues, simply email Martinand Yimei at martin@moodiedavittreport.com and yimei@moodiedavittreport.com.   

We have a variety of options that will ensure you reach the widest, most high-quality concessionaire/retailer/operator base in the industry – globally and immediately.

The Moodie Davitt Report is the only international business media to cover all airportor other travel-related consumer services, revenue-generating and otherwise. Our reporting includes duty-free and other retail, food & beverage, property, passenger lounges, art andculture, hotels, car parking, medical facilities, the internet, advertising and related revenue streams.

Please send relevant material, including images, to Martin and Yimei at martin@moodiedavittreport.com and yimei@moodiedavittreport.com.com for instant, quality global coverage.