CHINA. Offshore duty free sales on Hainan island for the holiday period between 1 and 7 October soared by +66.9% year-on-year to an all-time high of CNY1.47 billion (US$254.5 million), according to Chinese state media CGTN.
We will confirm the final numbers (to include tax paid sales) shortly, but the CGTN story confirms the positive trend reported earlier by local digital media companies Hainan Daily and Hainan Traffic Online. Citing the Provincial Department of Commerce, the reports said that total sales (duty free and duty paid) exceeded CNY1.39 billion (US$215.7 million) for the period 1-5 October, a rise of +82% year-on-year. Duty free sales accounted for CNY1.205 billion (US$187 million), up +75% on the 2020 tally.
Total revenue on 5 October alone soared to over CNY310 million (US$48.1 million), an +84% increase. Duty free sales rose +78% to CNY275 million (US$42.7 million)
Heavy promotional activity by all nine duty free retail locations and extended brand ranges in some of the newer stores helped drive the performance.
