Hainan’s momentum continues, despite covid
19/04/2022
This was despite March’s downward trend, which local media attributed to the effects of covid-19 and the government’s pandemic prevention and control measures.
In total, 20.27 million purchases were made in Q1, an increase of 14.2% on the comparative period in 2021. Per capita duty-free spend was approximately $1,310 or ¥8,372, according to reports.
Earlier this year, duty-free sales at ten surveyed Hainan shopping complexes reached around $335 million (¥2.13 billion) over the Chinese New Year period alone.
Prior to this, a Communist party work report delivered during the annual provincial people’s congress in January stated that Hainan’s target is to achieve more than $15.7 billion or ¥100 billion in duty-free revenues this year, as reported by China Daily.
Speaking on local television network STV in April, president of Tapestry Asia-Pacific and president and chief executive of Coach China, Yann Bozec, commented on Hainan’s current significance to fashion and leathergoods brands’ strategies: “There are a lot of free trade ports in the world, but Hainan is unique.
“The way we explain that is very simple: there is no free trade port close to the size and scalability of Hainan. It is a free trade port the size of Belgium. So, the opportunities are boundless. And, for each of our brands, Tapestry is very, very excited to participate in that.”
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