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KPMG confirms positive long-term forecast for Hainan's duty-free market

Volume of sales at Hainan's duty-free stores increased by 84% in 2021

HAIKOU /China/, July 29. /TASS/. The KPMG consulting company confirmed a positive long-term forecast for the duty-free market in the southern Chinese province of Hainan. This is stated in the company's report received by TASS, which was presented at the 2nd China International Consumer Products Expo.

"Our long-term outlook for the market remains very positive as Hainan continues to develop as a global leader in duty-free sales targeting Chinese consumers," the document said.

"We noted that last year a number of other duty-free zones were announced in China that intend to position themselves as potential opportunities for shoppers and brands. These zones do have merit, but we see that Hainan retains its own competitive advantage due to its natural resources (sun, sea, recreational opportunities), as well as its fast-growing retail and progressive vision," the report said.

The paper also notes that global duty-free sales will be below 2019 levels in 2022 as many airports, airlines and travel agents around the world face multiple challenges, including the conflict in Ukraine, supply chain management issues, staff shortages, and the ongoing coronavirus pandemic and lack of Chinese customers with significant spending power. "Despite this, Hainan remains a 'ray of light' for the global industry," the report stresses.

By the end of 2021, Hainan's duty-free store sales were up 84% to 60 billion yuan (about $9.4 billion).

About the expo

The 2nd China International Consumer Products Expo will be held from July 25 to 30 and will feature over 2,800 brands from more than 60 countries and regions around the world. Over 600 kinds of products will be unveiled during the expo. As expected, the exhibition will be visited by more than 40 thousand businessmen. France is the guest of honor at this year's event.

The opening ceremony marked the start of the Expo's business program. The exhibition itself started on Tuesday: from July 26 to 28 the exhibition will be open only for the business community and mass media, and on July 29-30 it will open its doors for the general public.

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