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Hainan's duty-free sales may exceed $11.8 billion in 2023 – media

Tourists buy cosmetics, jewelry and wristwatches at discounted prices

HAIKOU /China/, January 27. /TASS/. Sales in Hainan duty-free stores are surging during a nationwide holiday on the occasion of China's Lunar New Year ( January 22). As reported by China News Service, with reference to official data, in 2023 they can exceed 80 billion yuan ($11.8 billion at current exchange rates).

According to the portal, the province's duty-free sales totaled 1.68 billion yuan ($248.8 million) from January 21 to 25, up 20% compared to the first five days of the Golden Week weekend in 2022.

More than 100 thousand people visited the world's largest duty-free center in the administrative center of Hainan, the city of Haikou in the first three days. As a result, its average daily sales doubled.

"This favorable trend [toward increased sales] may continue," said Wang Yi, deputy general manager of the duty-free shopping complex. She specified that tourists visiting Hainan actively buy cosmetics, jewelry and wristwatches of world-famous brands at discounted sales promotions.

In 2011 the Hainan authorities launched a pilot program for creation of an extensive duty-free chain in the province. There are already 12 duty-free stores on the island. In 2022 their sales exceeded 48.71 billion yuan (approximately $7.19 billion), an increase of 35%.