Significant 29% Drop in Hainan's Duty-Free Spending Raises Concerns - PRESS AI WORLD
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Significant 29% Drop in Hainan's Duty-Free Spending Raises Concerns

share-iconFriday, January 03 comment-icon2 weeks ago 8 views
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reutersREUTERS
Significant 29% Drop in Hainan's Duty-Free Spending Raises Concerns

Credited from: REUTERS

  • Hainan's duty-free spending fell by 29.3% in 2024, amounting to 30.94 billion yuan ($4.24 billion).
  • The number of visitors decreased by 15.9%, from 6.756 million in 2023 to 5.683 million.
  • These declines affect foreign luxury brands hoping for a sales boost post-COVID, after significant growth in previous years.
  • Plans to establish a duty-free shopping zone in Hainan by 2025 may be threatened by current sales trends.
  • Overall, China is focusing on boosting domestic consumption, which has shown signs of slowing in recent months.

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Gloria Terra

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