We anticipate the global travel retail industry will grow at 7%-10% in 2024-2025. In 2024, traffic will exceed pre-pandemic levels. But sales won't surpass 2019 levels until 2025. Asia-Pacific should lead the growth in traffic in the next two years. Waning consumer confidence will bite in 2024 and 2025. Soft consumer sentiment and fewer business travelers could further drive down spending of duty-free products per traveler.