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Right before you board your flight back home, you might be tempted to step into the vast array of stores at the airport to pick up a gift or souvenir to remember your trip by. There, you might come across duty-free stores. These stores offer luxury products at a lower price thanks to the elimination of various taxes. Let’s understand this concept further.
'Duty' is the fee you pay to transport a product across international borders, and duty-free shopping refers to buying these items without paying import taxes.
For example, if you want to purchase premium wine from France, you can easily buy it duty-free while at the airport. Here, you won’t have to pay any local or import tax on your purchase as its consumption would be outside the country.
When you purchase anything 'duty-free,' you avoid paying taxes on it in the country where you made the transaction.
Shopping at entry and exit points of countries has its perks. Since you are either entering or departing from one country and moving to the next, the products you purchase at the airport in the origin country are sold duty-free. These products can be consumed only in the destination country.
You will need to provide a valid international boarding pass and ID to confirm that you are indeed exiting the nation where the transaction was made.
Due to the removal of duties and taxes on products sold at international airports, high-end luxury brands like Prada, Givenchy, Jack Daniels, Cîroc, Dolce & Gabbana, etc., sell their products at comparatively lower prices than at retail outlets within the country.
Yes, duty-free shopping is cheaper than retail prices. This is due to the elimination of import taxes, value-added tax, local tax, etc. Since international airports sell world-class luxury brands, you can buy these high-end products at a lower rate if you shop duty-free.
Below, we’ve listed some reasons why shopping duty-free at international airports is cheaper:
Duty-free prices are generally cheaper than those found in conventional retail stores. However, this might not always be the case for all products. Depending on currency exchange rates and the location of purchase, the product prices can vary.
Before making your purchase, it would benefit you to do a quick price check to ensure that you get the best deal. If you are at a bigger airport, there might be multiple duty-free shops available that offer better deals on the same product. So, make sure to browse around if you have the time when shopping duty-free.
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Disclaimer -
Your policy is subjected to terms and conditions mentioned in your policy schedule and policy wording. Please go through the documents carefully.
The information mentioned here about the countries, visa fees and others is taken from different sources. Digit Insurance is not promoting or recommending anything here. Please verify the same before you book your tickets, apply for a visa, buy a travel policy or make any other decision.
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