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HAINAN. Whole sales at Hainan’s offshore responsibility free shops within the first quarter of 2021 reached RMB13.6 billion (US$2.1 billion), an increase of +356% on the troubled equal interval of 2020, Hainan Governor Feng Fei advised friends on the China Worldwide Shopper Merchandise Expo opening discussion board on Friday.
The Governor, talking throughout the occasion themed ‘Innovation in world consumption, responsibility free and journey retail sales’ stated that round 1.79 million folks bought 17.7 objects within the island province’s responsibility free retailers throughout the quarter, up +177% and +328%, respectively.
Shopper exercise has recovered strongly, he stated, noting that the implementation of Hainan’s Free Commerce Port mission had pushed demand as had the introduction of the improved responsibility free procuring coverage final July.
The figures verify that China Duty Free Group (CDFG) has continued to dominate the market regardless of a flurry of recent rivals in late 2020 and early 2021. In accordance to Goldman Sachs, CDFG dad or mum China Tourism Group Duty Free posted a +329% income enhance yr-on-yr in Hainan throughout Q1 to RMB12.8 billion (US$1.96 billon).
Governor Feng Fei made the remarks throughout a packed opening ceremony and discussion board on day 1 of the Expo
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