Record sales were shown by the new largest duty-free in the world in Hainan. In one day, the store sold goods for more than $ 8 million. The total daily sales of 11 duty-free shops on the island approached $100 million, twice the previous record. What is the reason for the success of China’s duty-free phenomenon?
The new Hainan Mall features 800 well-known international and Chinese brands. YSL, Prada, Burberry, Bottega Veneta, Moncler, Balenciaga, Alexander McQueen, Christian Louboutin, and others have opened their stores there. On a separate floor with an area of 30,000 square meters, leading manufacturers of cosmetic products are presented, including Chanel, Dior, Estee Lauder, La Mer, and Cle de Peau Beaute. Among the producers of elite alcohol are Remy Martin, Martell, Courvoisier, and Diageo Whiskey Boutique. And more than 50 world brands of watches and jewelry. Among them are Cartier, Van Cleef, Vacheron Constantin, Omega, and Chopard.
In Hainan, the covid quarantine has just been lifted, and a huge number of Chinese have arrived there. Since prices are higher in mainland stores, and it is impossible to go abroad, domestic tourists have provided a record level of purchases duty-free.
Now the Chinese can buy goods locally duty-free. As of July 1, 2020, Hainan Province has increased its annual duty-free shopping quota from $4,200 to nearly $14,000 per person.
On the opening day of the new giant mall, over 44,000 visitors visited it. To stimulate consumption, consumer coupons for half a million dollars and another 140,000 worth of food vouchers were issued specifically for the opening.
Now, upon arrival in China, you need to undergo a two-week quarantine. Moreover, the place of stay is determined by the Chinese authorities.