CHINA. Hainan Island’s offshore duty-free stores generated sales of CNY 60.17 billion ($ 9.47 billion) in 2021, an increase of + 84% year-over-year.
The results, first revealed by Hainan Business (controlled by the Hainan Province Commerce Department), include duty-free sales of CNY 50.49 billion ($ 7.94 billion), up + 83% from one year to the next, the balance being recorded by paid sales.
CDF Mall, located in the famous Sanya International Duty Free Shopping Complex, has remained the dominant duty free retail business in Hainan.
The number of buyers increased by + 73% to 9,676,600 and the number of tax-free transactions by + 71% to 5,492,500%.
At present, Hainan has five duty free license holders – China Duty Free Group, CCSN, Hainan Tourism Investment Duty Free Co (which operates Hainan Tourism duty free shopping complex), Hainan Development Holdings (Global Premium Duty Free Plaza ) and Shenzhen Duty Free (Times DF to Mission Hills Haikou).
More details and analysis will follow soon.
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