In 2020, despite pandemic hurdles, the travel shopping industry in China resumed growth, already from Q2; in fact, from the beginning of May (Labour day holidays), there were over 80 million people travelling domestically, while during the Golden Week holidays (first week of October) over 637 million people travelled and spent over 68.8 bn US$.
This is good news for the luxury industry, which is predicted to tap 127 bn US$ in GMV by 2025 according to Bain&Co latest report., representing about 65% of global luxury consumption worldwide.
Another positive sign of luxury consumption recovery was in the Hainan Island, in particular at Sanya, one of the biggest duty free destinations for Chinese travelshoppers.
China authorities implemented from July 2020 a new tax-free policy increasing individual purchases in the island from 30,000 RMB to 100,000 RMB.
The result: Chinese tourists spent over 2 billion yuan (over 300 mln US$ or 225 mln GBP) in just one month!
A key strategy for international brands is to consider Chinese Duty Free destinations as Sanya and develop the right #digitalmarketing strategies to be successful, how?
Get in touch with EGGsist team!