INTERNATIONAL. Nordic Travel Retail Group (NTRG) has partnered with industry research company m1nd- set to compile a market report on regional travel shopping.
The research will examine sales performance and consumer shopping behaviour, providing a macro-economic overview across the Nordic region over two years.
NTRG represents the duty free and travel retail industry in the Nordic and Baltic countries.
The research is one of the first major initiatives launched under the recently announced “B1S”, the m1nd-set business 1ntelligence service, which provides a single access portal into consumer behaviour, sales, traffic and macro-economic data.
The data is analysed from a global, regional and sub-regional perspective.
The research will provide NTRG members with major air and sea routes, passenger load information and category & sub-category sales for each retailer, as well as the overall turnover for the market in the region. The insights will give a pan-regional overview, and highlight specific national trends where there are significant differences from the regional trend.
The research will also show trends based on the various socio-demographic groups such as age, gender, customer segment and purpose of travel. It will reveal shopping behaviour trends such as motivations and destination of purchases, as well as reasons for not purchasing.
Using m1nd-set’s global consumer database and work, the consumer insights will provide a benchmark of the regional trends and differences against other world regions.
The third element of the research will provide NTRG members with an overview of the macroeconomic trends that are influencing the duty free and travel retail business in the region.
The company is confident this will help members understand the geo-political and macro-economic picture and enable them to adapt their strategies, mitigate the impact of threats and take advantage of potential opportunities.
Viking Line Purchasing Manager for Beauty & Fashion and NTRG Chairperson Eva Rehnström said: “The Nordic Travel Retail Group has initiated this market survey to provide its members with an up-to-date insight into the duty free and travel retail business in our region. We believe this pan-regional, multi-purpose survey and research will provide significant added value for the association and – most important – for our members.
“By investing in analysing and understanding the various relevant aspects of our business in the Nordic and Baltic Region, we will be able to offer our members comprehensive and actionable data, and we have great trust in the m1nd-set Business 1ntelligence Service being the ideal solution for us,” Rehnström added.
m1nd-set Owner and Chief Executive Officer Peter Mohn said: “We are delighted to collaborate with NTRG on this pioneering initiative in the travel retail industry. We have been working with the association and its members for several years now.”
Mohn added that the project requires a strong and trusting relationship between all parties, given the depth and sensitivity of the data.
“Trust is a trademark of all team members at m1nd- set and we are grateful to NTRG for the opportunity to work on this ground-breaking research project. I am convinced the outcome of this exemplary research will be of immense value for the NTRG members and all in the industry players in the Nordics.”