Sales at Hainan’s offshore duty free shops (including tax-paid items) rose by +127% year-on-year in 2020 to around CNY32.74 billion (US$5.05 billion), according to a report in trusted Chinese state media China News.com, citing Hainan Provincial Commerce Department Deputy Director Peng Wei.
Peng was speaking during the third press conference of the province’s 13th Five-Year Plan last week. The numbers have also been confirmed to The Moodie Davitt Report by Hainan Provincial Bureau of International Economic Development (Hainan IEDB).
For the period between 1 July and year-end alone, sales of cosmetics rose 1.4-fold to CNY10.53 billion (US$1.6 billion), accounting for 52% of turnover, the report said.
Watches and jewellery, boosted by the removal of the previous CNY8,000 (US$1,235) limit on a single purchase, grew 3.4-fold to CNY4.89 billion (US$754 million), accounting for 24% of sales. Fashion and leather-goods generated a 1.7-fold increase to CNY3.78 billion (US$582.8 million), or 19% of the total mix.
Newly-added categories, spirits, wine and electronics products, proved highly popular, with total sales (not broken down by individual category – again, exceeding CNY540 million (US$83.3 million) during the same period.
More from NEWS
The Italian luxury fashion brand Dolce&Gabbana brand has closed its stores in Chengdu IFS, Shanghai IAPM Plaza and Nanning Mixc …