The Sanya duty-free shopping complex in Hainan province on Jan 25, 2023. The number of shoppers visiting Hainan fell 15.9 per cent to 5.68 million in 2024 from 6.76 million the year before. -- PHOTO: REUTERS
BEIJING (Reuters): Duty-free spending slumped 29.3% last year in China's island province of Hainan, where global luxury players from LVMH to Kering have set up shop, as a weak economy led to a sharp drop in numbers of domestic visitors.
Shoppers visiting Hainan, known for its glitzy seafront hotels and sandy beaches, spent 30.94 billion yuan (US$4.24 billion) on duty-free goods in 2024, customs data showed on Thursday, down from 43.76 billion in 2023.
