HAIKOU /China/, February 19. /Duty free stores have become a key driving force for the dynamic growth of the consumer sector in the southern Chinese province of Hainan during the Spring Festival national holiday (Lunar New Year), which was recently celebrated in China, Xinhua News Agency reported with reference to the local customs.
Hainan's successful development reflects the "vitality of consumption" of all of China, the news agency wrote. According to official data, in seven days the sales of the duty free sector on the island exceeded 2.21 billion yuan ($311 million at current exchange rates). More than 268,000 customers spent more than 2.21 billion yuan ($311 million) in Hainan's duty free stores.
According to the agency, last week the province's duty free stores held numerous cultural and entertainment events. Professional artists and art groups organized a number of colorful performances. Thus, consumers were able to shop in a festive atmosphere.
Duty-free shopping is noted to have become Hainan's golden attraction that draws crowds of tourists. According to Chinese observers, the increase in duty free shopping in the province is largely due to the successful development of a flexible logistics service system. It allows visitors to make convenient delivery of all purchased goods.
There are 12 duty free stores in Hainan, whose sales volume exceeded 58 billion yuan (more than $8 billion) in 2023, up 19.3%. About half of this amount - 30 billion yuan (over $4.2 billion) - is generated in the resort city of Sanya. The dynamic development of this sector of the economy is facilitated by the stimulating measures of the government, which in parallel is actively fighting against smuggling.
The Lunar New Year fell on February 10 in 2024. China's Golden Week lasted until February 17, but the heavy inflow of tourists began long before the start of the holiday. At this time of year, Hainan traditionally receives a large number of guests, including those from abroad.