China's duty-free market expands amid restricted overseas travels
Apr 16, 2021 (China Knowledge) - China's duty-free market has been picking up speed with overseas consumption flowing back to the home market due to restricted travels imposed on COVID-19 pandemic.
Official data has shown that China's southern island province of Hainan recorded RMB 1.5 bln in offshore duty-free spending during the Spring Festival holiday this year, double the figure from the same period in 2019.
Shen Xiaoming, Party chief of Hainan, told a press conference that offshore duty-free sales in Hainan are expected to double in 2021 for the second year in a row as more consumers are drawn in due to fine-tuned favourable policies.
The island's offshore duty-free sales are likely to exceed RMB 60 bln in 2021, doubled from RMB 30 bln last year, which itself had doubled from RMB 15 bln in 2019, according to Shen.
The province previously increased the annual tax-free shopping quota per person from RMB 30,000 to RMB 100,000 starting from July 1, 2020. It had also expanded its categories of duty-free goods from 38 to 45, adding electronic products such as laptops and mobile phones to the list.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: email@example.com
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI