The "significant price gap" between the official listed price and that in Hainan contributed to slow growth in other sales channels, at least for some products, the report said. More offices and stores in Beijing and other parts of China finally reopened Monday after the Lunar New Year break was extended to discourage travel and contain the new coronavirus, but many.
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However, the Bain analysts said the biggest driver of Hainan's duty-free success was sharp discounts that went beyond tax savings.
The stores accounted for 13% of mainland China's personal luxury goods market last year, up from 9% in 2020 and 6% in prior years. , Guangzhou, January 24th, title: Taiwanese youth in mainland Chinese New Year: travel, visiting relatives, class, and moving are all exciting China News Service reporter Guo Jun 'Although I have learned calligraphy before, I have never really written a pair of Spring Festival couplets. Sales of luxury goods at Hainan's duty-free stores posted annual growth of 85% in 2021 - reaching 60 billion yuan - following a 122% year-on-year increase in 2020, according to Bain. In the last two years, new government policies have cut taxes and introduced other business-friendly measures aimed at turning the region into a free-trade port and international consumption center.Įven before pandemic-induced travel restrictions kept shoppers from traveling overseas, luxury brands were already moving to Hainan and other parts of mainland China from Hong Kong due to violent protests in the semi-autonomous region. Samantha then used video conferencing to. Hence, she cannot celebrate the festive season together with her family.
Earlier, Samantha Ko () followed Wong Cho Lam’s () team to Mainland China and the quarantine period is increased from 14 to 21 days suddenly.
A major driver for the local luxury market is the growth of duty-free stores in Hainan, an island province in southern China. Poor Samantha Ko celebrates festive season in Mainland China alone.