HAIKOU, July 29. /TASS/. The number of brands present in Hainan will grow to about 900 by the end of this year. This is stated in the company's report received by TASS, which was presented at the 2nd China International Consumer Products Expo.
"By mid-2021, there were more than 700 brands sold in all categories. And we expect that number to grow by 30% this year because more retail space is emerging," the document noted.
According to KPMG, about 58% of sales in duty-free stores in Hainan are held by perfumes and cosmetics, but the structure is changing as the shares of wine, spirits and electronics have increased. The remaining portion is accounted for by watches and jewelry.
Brands are more willing to enter Hainan because the local authorities are fighting counterfeiting and illegal imports, according to KPMG analysts. "The region's authorities are engaged in building a high level of confidence among Chinese consumers in Hainan as a place to buy authentic foreign brand products at reasonable retail prices," the report said.
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.