All news

Hainan's consumption sector grew by 30.7% to $31.74 bln between January and October

Residents of the island spent more on eco-friendly cars with alternative energy sources by 130% in this period

HAIKOU /China/, November 18. /TASS/. Consumption in South China's Hainan province reached 202.52 billion yuan ($31.74 billion at current exchange rate) in the first 10 months of 2021, up 30.7% year on year, as reported by the statistics department of the region.

According to the published data, sales in the retail sector of Hainan’s urbanized areas increased by 30.8% and in rural areas by 29.8%. Restaurant business and retail store revenues increased 53.6% and 28.2% respectively.

Between January and October, the island’s residents spent 130% (up to 2.88 billion yuan, or about $452 million) more on environmentally friendly cars which use alternative energy sources, according to date published on the ministry’s website. Moreover, locals along with Hainan’s guests bought gadgets and telecommunication equipment worth 2.35 billion yuan (over $368 million), which is a 135.7% increase year on year.

The ministry’s data shows that the purchase of consumer goods in the province increased by 74.8% during the corresponding period, while cosmetics sales rose by 73%. As for oil and petroleum products, the year on year increase amounted to 28.2%.

According to the plan of the central government, China's southernmost province should become an international advanced consumption zone in the near future. To this end, Hainan is actively expanding its network of duty-free stores, constantly holding trade events, 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).