Since the beginning of this year, the tourism heat in Hainan has continued to rise, with significant recovery in sales by tax-free business entities such as China Duty Free Group and Wangfujing Department Store. It is worth noting that Hainan's12The home island duty-free store has recently officially entered the market, and the holding of the Expo has sparked a new wave of duty-free consumption and boosted confidence in duty-free shopping. The 'May Day' Golden Week is expected to become another critical time point for the release of duty-free consumption power on home islands.
In the first quarter of this year, the total sales volume of Hainan's offshore duty-free stores reached203Yuan-billion growth29%In the first quarter, Hainan achieved total tourism revenue530Yuan-billion growth25%What consumption signals are being released behind this? What are the main factors driving the recovery of off-island duty-free consumption? 4month9Today, the first island-free shopping mall in Hainan's Wanning city, 'Wangfujing International Duty-Free Port', opened for business. What is the current recovery level of island-free consumption? What trends are expected for island-free consumption in the future? Frost & SullivanFrost & SullivanYu Jiajing, a consulting analyst at Frost & Sullivan's Greater China region and referred to below as 'Frost & Sullivan', was interviewed by 'Cainlian' to discuss the consumption trend of duty-free shopping on Hainan's offshore islands.
Cailian Finance & Economics News Agency
Q
In the first quarter of this year, the total sales volume of Hainan's offshore duty-free stores reached203Yuan-billion growth29%In the first quarter, Hainan achieved total tourism revenue530Yuan-billion growth25%What consumption signals are being released behind this? What are the main factors driving the recovery of off-island duty-free consumption?
As the state gradually increases support for tax-exempt industries, regulatory policies and preferential policies are advancing concurrently. The policy dividends of the Hainan offshore tax-free market continue to this day, including ecological environment, offshore tax-free shopping policies, the construction of free trade ports, andRCEPFactors such as the superimposed opening-up policy have continuously unleashed the consumption potential of the Hainan offshore duty-free market.
4month1The operational preparation for the 'full island closure' starting from today will also enhance the flexibility of duty-free shopping, which is conducive to attracting more domestic and foreign investment and resource introduction. With the adjustment of border opening policies, the improvement of passenger capacity, the strong return of overseas consumption, the increasing popularity of Hainan's island tax-free shopping, the opening of quotas and categories under the new tax-free policy for islands, the gradual enrichment of duty-free store brands, as well as the activation and expansion of ports and airports, it is expected that the industry will further rise steadily.
4month9Today, the first island-free shopping mall in Wanning, Hainan, "Wangfujing International Duty-Free Port," located at Wangfujing, officially opened. In your opinion, how is the recovery of island-free consumption currently? With the "May Day" travel season approaching, what trends are expected for island-free consumption in the coming period?
With the official operation of Hainan Wanning's first offshore duty-free store, 'Wangfujing International Duty-Free Port', the recovery trend in the offshore duty-free consumption market has become increasingly robust. Under the current epidemic control and border opening policies, consumer potential continues to be unleashed, 'V"The revival of words will further drive a consumption boom." During the peak travel season of 'May Day,' it is expected that the off-island duty-free consumption market will show an uptrend in consumer numbers, diversification of consumption categories, further enhanced purchasing power for duty-free goods, and an upgraded consumption experience.
Currently, Hainan has promoted the return of overseas high-end shopping by optimizing the tax-free shopping environment, attracting international first-tier brands to set up stores, improving the conditions of tax-free import facilities, and continuously carrying out promotional activities. Although the adjustment of border opening policies has brought international competition pressure and challenges to Hainan's island tax-free shopping due to the opening of global tourist destinations, the overall opportunities still outweigh the challenges under the influence of the return from both domestic and foreign markets.
*This interview was published in "Cainiao Link".APPReporter: Lu Tingting Original title is "The Hainan's first-quarter duty-free island shopping spree raked in more than200Yi, the CIIE Sets Off Another Wave of the "Tax-Free Economy" Can the momentum of 'May Day' continue? >> (Click "Read Full Article" at the end of the text to read the complete report).
