With $9.4 BILLION and an 84% YoY growth rate in 2021, Hainan Duty-Free Shopping Complex has become the new luxury mecca.
The latest report of 2021 Hainan Duty-Free Shopping Complex is listed as below:
The annual revenue hits RMB 60.2 billion (equivalent to 9.4 billion U.S. dollars), an 84% YoY growth rate.
The total number of shoppers reached nearly 9.7 million, a 73% YoY growth rate
Total purchased items up to about 53.5 million, 71% YoY growth rate.
At present, there are ten duty-free shops in the Hainan duty-free zone with an area of 220,000 square meters featuring 720 worldwide brands spanning perfumes and cosmetics, heavyweight brands of jewellery and watches, fashion and accessories, electronic products, wines and spirits, confectionery and fine food, toys.
Hainan increased the annual quota of duty-free purchases from RMB 30,000 to RMB 100,000 per person to stimulate the consumption potential. The duty-free purchase limit for cosmetics has increased from 12 to 30 items. Also, a range of delivery or pickup services are provided for better customer experiences.
As the largest domestic digital full-service agency, Hylink Digital Solutions strategic partnership with two business partners, Hainan Tourism Investment Duty-Free Co., Ltd and LAOX Shanghai Co., Ltd. jointly establish Hainan Laox Supply Chain Management Co., Ltd, a new subsidiary under HTDF. Together, the new joint venture is committed to being a high-quality service provider to offer customers an expanded and more diverse shopping experience.
On 28th Dec 2021, LaoX Select store has now officially settled down in HTDF Mall and started to offer customers integrated new online and offline shopping experiences. It represents the first duty-free retail store under the joint venture Hainan Laox Supply Chain Management CO., Ltd to bring customers a five-star duty-free service.
It predicts that by 2025, the coverage of duty-free zone shall cover the entire provinces and free up the brands by operating their shops. Gaining the foothold in Hainan could give luxury brands access to a broader customer base by continuing capitalizing on the pent-up demand for luxury goods by the Chinese shoppers.
