CHINA. Year-end daily sales in Hainan’s offshore duty free market for the 31 December to 2 January period averaged CNY140 million (US$20.6 million), according to Haikou Customs.
In first reporting the figures (since confirmed by The Moodie Davitt Report with the Hainan Provincial Bureau of International Economic Development), state-owned media China Daily noted that average daily sales since mid-December have exceeded CNY100 million (US$14.8 million), according to Haikou Customs.
Haikou Customs said 43,000 people went duty free shopping during the three-day holiday, purchasing some 476,000 units. Average transaction value was CNY9,816 (US$1,450), similar to the same period in 2021.
The figures augur well for the forthcoming China New Year/Spring Festival holidays (21-27 January), especially given the central government’s recent elimination of most COVID controls across the country.
“After China’s optimisation of the COVID-19 measures, business operators expect that the tourism sector will grow vigorously,” Pan Helin, co-director of the Digital Economy and Financial Innovation Research Center at Zhejiang University’s International Business School told China Daily.
This year’s Spring Festival will feature two additional shopping attractions, the cdf Haikou International Duty Free Shopping Complex opened on 28 October and the trial phase of Wangfujing International Duty Free Harbour City in Wanning. ✈
{Click on the YouTube icon to view a promotional video of the new Wangfujing store. Chinese readers can view the video by clicking here.}
