#Latest news with #localcustomsBloomberg21-05-2025BusinessBloombergEstee Lauder, L'Oreal Suffer as China's Duty-Free Spending FallsUnable to travel overseas during the Covid-19 pandemic, Chinese consumers sparked a shopping boom in the southernmost province of Hainan, lured by the tropical island's plethora of duty-free shopping malls. Fast forward to today and the travel-retail sector in Hainan is in a 14-month slump with little sign of a turnaround. Duty-free sales dropped 10.8% over the first four months of 2025 compared with a year earlier, according to the latest data from the local customs agency. Both the number of shoppers and products purchased declined more than 25% so far this year.
Bloomberg21-05-2025BusinessBloombergEstee Lauder, L'Oreal Suffer as China's Duty-Free Spending FallsUnable to travel overseas during the Covid-19 pandemic, Chinese consumers sparked a shopping boom in the southernmost province of Hainan, lured by the tropical island's plethora of duty-free shopping malls. Fast forward to today and the travel-retail sector in Hainan is in a 14-month slump with little sign of a turnaround. Duty-free sales dropped 10.8% over the first four months of 2025 compared with a year earlier, according to the latest data from the local customs agency. Both the number of shoppers and products purchased declined more than 25% so far this year.
21-05-2025
