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.
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.