CHINA. Hainan island’s offshore duty free stores generated sales of CNY60.17 billion (US$9.47 billion) in 2021, an +84% increase year-on-year.
The results, first revealed by Hainan Business (controlled by the Hainan Provincial Department of Commerce), include duty free sales of CNY50.49 billion (US$7.94 billion), up +83% year-on-year, with the balance being accounted for by tax paid sales.
The number of shoppers rose +73% to 9,676,600 and the number of duty free items purchased increased by +71% to 53,492,500.
Currently, Hainan has five duty free licence holders – China Duty Free Group, CNSC, Hainan Tourism Investment Duty Free Co (which runs Hainan Tourism Duty Free Shopping Complex), Hainan Development Holdings (Global Premium Duty Free Plaza) and Shenzhen Duty Free (Times DF in Mission Hills Haikou).
More details and analysis to follow soon.
