The tourism and retail sectors are thriving in the Hainan Free Trade Port, the largest free trade zone in China, and new breakthroughs are being achieved in the effort to develop the island into an international tourism and consumption destination. In 2023, total retail sales in Hainan increased by 10.7%, and local duty-free sales amounted to RMB 43.76 billion, representing an increase of 25.4%. In this context, KPMG China, The Moodie Davitt Report have jointly launched the 2024 Hainan Travel Retail Market Whitepaper. The report offers deep analysis of the global travel retail market and the local market in Hainan and showcases how demand and supply are being coordinated in the Hainan Free Trade Port. The report also looks at the path that the local market will take going forward and explains its resilience, which should help industry professionals keep abreast of industry trends.
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