Advertisement
Duty-free hub Hainan’s May Day holiday retail sales fall flat in first post-pandemic test for ‘China’s Hawaii’
- The tourist island at the southern tip of China saw weak retail sales during the country’s first ‘golden week’ since Covid restrictions were axed
- Hopes are high among some investors, nonetheless, as China aims to turn Hainan into the world’s largest free-trade port by 2025
Reading Time:3 minutes
Why you can trust SCMP
1
Hainan, a tourist hub and shopping mecca at the southern tip of China, saw disappointing retail sales during the country’s first Labour Day holiday since Covid-19 restrictions were lifted.
Despite this, some investors remain positive about the tropical island’s outlook as the central government deepens its policy support aimed at cementing its position as a duty-free haven.
During the recent “golden week” holiday, Hainan’s retail revenues came to 883 million yuan (US$127 million), marking an 11.1 per cent drop compared with 2021, the year the island dubbed “China’s Hawaii” hit its peak sales.
Advertisement
Even with an 8 per cent increase in visitors compared with 2021, shopping trips as measured by footfall in shops and malls fell 10 per cent.
Though this year’s retail revenue trounced 2022’s 399 million yuan when Covid-19 restrictions were at their height, the figure was seen as disappointing because people were now free to travel completely unhindered for the first time in three years.
27:15
274 million Chinese take a holiday: why ‘golden week’ 2023 was different
274 million Chinese take a holiday: why ‘golden week’ 2023 was different
China plans to turn Hainan into the world’s largest free-trade port by 2025, using lower taxes and looser visa rules to attract investors, businesses and individuals.
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x