NEWS
DUTY FREE SALES IN HAINAN ISLAND HIT NEW RECORD DURING CHINESE NEW YEAR HOLIDAY
By Tony Zhu
19-2-2024
Source: China Duty Free Group
Shoppers visiting China's island province of Hainan spent a record RMB2.49 billion (USD346.2 million) on duty free goods over the eight-day Chinese New Year holiday, data from Hainan customs showed.
The value represents a 60 percent increase over last year, with the number of shoppers reaching more than 297,000 between 10 to 17 February and each spending an average of RMB8,358 on duty free goods.
According to data from China’s Ministry of culture and tourism, overall domestic tourism spending jumped by 47.3 percent to RMB632.7b over the same holiday period in 2023.
The number of domestic trips made during this year's holiday grew by 34.3 percent from a year ago, totalling 474 million.
Almost 100 million passengers made trips using China's railways, and 18 million passengers flew during the period, according to official data.
Since Chinese authorities tripled duty-free purchase limits in the 12 duty free malls in Hainan to RMB100,000 yuan in 2020, more and more Chinese shoppers turned to Hainan for duty free goods.
Overall duty free spending has tripled from about USD2b in 2019 to more than USD6.1b in 2023.
That growth is expected to continue as the entire island is set to become duty free in 2025 when global luxury brands can operate their own duty free stores on the island, rather than rely on partnerships with local players such as China Duty Free Group.
(the writer can be contacted at: info@thewinechronicle.com)
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