Category stagnation - Global travel retail wine and spirits sales have stagnated over the past eight years, with 2025 sales below pre-Covid pandemic 2018 levelsMiddle East disruption - The US–Israel and Iran conflict has severely disrupted the Middle East's GTR channel, with little prospect of a short-term recovery if hostilities continueChinese spending dilemma - Outbound overseas Chinese travel has surged in 2026, but spending among younger Gen Z and Millennial travellers remains weakHybrid retail formats - Airport retail is evolving, with F&B concepts increasingly being integrated in
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