国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Industries

Duty-free shopping spurs consumption growth in China

Xinhua | Updated: 2022-07-27 16:52
Share
Share - WeChat
Consumers browse cosmetics at a duty-free store in Haikou, Hainan province, on June 18. [Photo by Wang Chenglong/For China Daily]

HAIKOU -- Offshore duty-free shopping in South China's island province of Hainan has expanded domestic demand and helped spur new consumption growth in China.

"Hainan has been a lighthouse for the global duty-free and travel retail industry during a very dark and difficult period. The growth of the offshore duty-free market in Hainan has been phenomenal, but there is still potential for more," noted Erik Juul-Mortensen, president of the Tax Free World Association via video link at the ongoing second China International Consumer Products Expo (CICPE) held in the province.

"The difficult times we have experienced do not change the fact that China is and will remain the motor of the regional and global duty-free and travel retail industry," he added.

Over the past decade, China's consumer market has grown rapidly into the second largest in the world. In 2021, China's total retail sales of consumer goods exceeded 44 trillion yuan ($6.5 trillion), an increase of 1.1 times compared with 2012, with an average annual growth rate of 8.8 percent.

"China is one of the largest and most promising consumer markets in the world," said Wang Haimin, general manager of China Tourism Group. Wang added that China's consumption growth is forecast to contribute to over a quarter of global consumption growth in the next decade, ranking first in the world.

According to Wang, in the past two years, the global tourism retail market has been shrinking due to the pandemic, but China's tourism retail market still registered a 38 percent year-on-year growth last year. The personal luxury goods market, particularly, exceeded 470 billion yuan in China last year, more than twice that before the epidemic.

"Hainan is one of the most dynamic open markets in China," said Wang.

As one of the country's major opening-up measures in the new era, China aims to build the whole of Hainan Island into a globally influential and high-level free trade port (FTP) by the middle of the century.

Now duty-free shopping has become one of the core competitive features of Hainan's tourism consumption.

The province's duty-free shops raked in over 60 billion yuan in 2021, an increase of 84 percent year-on-year. About 9.7 million people made duty-free purchases in 2021 in the province, up 73 percent year-on-year.

Hainan FTP has also become a new luxury goods market in China, with its sales in 2021 accounting for 13 percent of the total sales of luxury goods market in the country.

Global management consulting firm Bain & Company predicts that with the continuous growth of the number of luxury consumers in China and the sustained construction of the Hainan FTP, China's personal luxury consumption market will maintain a rapid recovery pace, and is expected to recover to the 2021 level by late 2022 or early 2023.

During the CICPE, a white paper on Hainan travel retail market in 2022 was jointly released by KPMG China and Moodie Davitt Report. The white paper said with the landing of more supportive policies in duty-free shopping, the scale of tourism retail market in Hainan FTP is expected to further swell, injecting strong confidence into investors to expand their footprints in Hainan.

It predicts that Hainan will grow into the world's largest tourism retail market in the next five years.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
泌阳县| 西华县| 油尖旺区| 双鸭山市| 永年县| 筠连县| 满洲里市| 洛扎县| 德兴市| 离岛区| 湘乡市| 玛纳斯县| 景德镇市| 临泽县| 凤阳县| 自贡市| 读书| 临朐县| 汉阴县| 长治县| 乐安县| 丹巴县| 襄汾县| 余干县| 漯河市| 奎屯市| 红桥区| 闸北区| 石台县| 常宁市| 扶绥县| 林芝县| 海原县| 新河县| 武乡县| 文水县| 稷山县| 承德县| 灵寿县| 肥乡县| 阿坝|