CHINA. The Hainan Provincial government has unveiled a stimulus package to boost consumer consumption and assist the island’s duty free retailers amid a COVID-related slump in visitor numbers.
Under the scheme titled ‘Helping Business, Benefiting People and Enjoying Hainan’, CNY20 million (US$3.02 million) worth of consumer spending coupons was distributed on 30 April.
These can be spent on shopping, food & beverage, as well as hotels and tourism spots.
A further CNY10 million (US$1.5 million) worth of digital coupons was issued on 1 May to spend in duty free stores on the island run by China Duty Free Group, Global Premium Duty Free (GDF) Plaza, HTDF, Shenzhen Duty Free Group and CNSC.
The coupons, which can be used by 31 May, offer benefits for consumers who choose digital payment methods at the stores. A single transaction of CNY1,000 (US$150) earns a CNY50 (US$7.60) discount; CNY3,000 (US$450) attracts CNY300 (US$45) off; and CNY5,000 (US$760) a RMB500 (US$76) price-off.
The coupons cannot be enjoyed together in the same transaction, but can be superimposed on existing discounts and promotions offered at the stores.
In making the announcement the Hainan government pledged to launch more duty free promotions in the future.
Footnote: Every fortnight The Moodie Davitt Report publishes Hainan Curated, in association with Foreo, a selection of all recent stories from the offshore duty free sector in Hainan province. Click here to view all back issues. Please email Kristyn@MoodieDavittReport.com to subscribe.
