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Hainan consumer sector up 31.9% from January to September

The main factor contributing to the increase in retail sales was value-added consumer goods

HAIKOU /China/, Oct. 21. /TASS/. Hainan’s retail consumer goods sales in the first three quarters of 2021 grew 31.9% year-on-year to 176.46 billion yuan ($27.61 billion). This was reported Thursday by the region's statistical office.

According to the southern Chinese province’s report, the metric grew 25$ compared with the same period of 2019. The document stated that the growth rate of consumption in urbanized areas was 32.1%, while in rural areas it was 31%.

"The main factor contributing to the increase in retail sales was value-added consumer goods," the report said. The published statistics show that sales of cosmetics on the island increased 78.4% over the same period last year, jewelry 87.1%, telecommunications products 118.4% and cars 33.3%.

In addition, Hainan's restaurant business showed a noticeable increase, with revenues growing 62.6% to 20.54 billion yuan ($3.21 billion) in the first nine months. The growth of the consumer sector was accompanied by a 10% increase in the income of Hainan residents to 22,735 yuan, or $3,338 per capita, over the past three quarters.

According to the plan of China’s government, China's southernmost province should become an advanced international consumption zone in the near future. Hainan is actively expanding its network of duty-free stores and constantly holds trade promotions, attracting tourists from all over the country and from abroad. The island is also considered one of the most popular holiday destinations in China. According to official statistics, in 2020 it was visited by more than 64 million travelers who spent about 87.28 billion yuan ($ 12.65 billion).