Marking a 66.2 per cent increase on 2021, Hainan Province has set an ambitious $15.8bn sales target for its duty free stores in 2022.
This figure was released during the annual session of the Hainan Provincial People’s Congress last Friday, according to Chinese state media Xinhua. The report said that the island province’s offshore duty free stores generated revenues of $9.47bn in 2021, an 84 per cent increase year-on-year.
The 2021 figure comprised duty free sales of $7.94bn, an increase of 83 per cent year-on-year, with the remaining balance accounted for by tax paid sales. This 2022 target is expected to be a challenge given that China continues to battle against the Covid-19 pandemic with outbound tourism remaining from affected regions continuing to be a contributing factor.
Currently, Hainan has five duty free license holders; these include China Duty Free Group, CNSC, Hainan Tourism Investment Duty Free Co – which operates the Hainan Tourism Duty Free Shopping Complex, – Hainan Development Holdings, which operates Global Premium Duty Free Plaza, and Shenzhen Duty Free, operating Times DF in Mission Hills Haikou.
