According to the Provincial Department of Commerce, Hainan Province saw a total of more than 5 billion yuan (about $740 million) in sales at the island’s 10 duty-free shops this July, up 21% compared to the same month last year.
Officials said one of the main contributors to the growth in the sector could be the second China International Consumer Products Expo (CICPE, also known as the Hainan Expo), which was held July 25-30 in Haikou, the capital city of Hainan Province. Total sales at the duty-free shops on the island topped 1.56 billion yuan (about $230 million) in only eight days from July 25 to August 1, with whopping daily revenues of nearly 2 billion yuan (about $300 million). Plus, the ripple effects of the Expo — despite the fact that it has now ended—are expected to continue to grow.
China Tourism Group Duty Free and its subsidiary China Duty Free Group (CDFG) had a high-profile, large, dynamic exhibition presence at the second Hainan Expo. CHINA DUTY FREE GROUP
To counteract the adverse impact of the COVID-19 pandemic, local authorities rolled out an action plan to boost consumer spending in the duty-free shopping sector in June. The plan called for the province to hold a Hainan International Tourism Island Carnival as well as the Hainan Expo, bringing in more premium domestic and international brands as well as handing out quite a few vouchers for these events to offer a better shopping experience to buyers from China and around the world.