Reported 3 days ago
Duty-free spending in Hainan, China's shopping paradise, fell by 29.3% last year due to a weak economy and a reduction in domestic visitors, with shoppers spending 30.94 billion yuan ($4.24 billion) in 2024. Visitor numbers dropped by 15.9%, impacting foreign luxury brands that had hoped for a post-pandemic sales boom. These declines pose challenges for plans to expand Hainan into a comprehensive duty-free shopping zone by 2025, aiming to attract consumers away from competing international markets.
Source: YAHOO