On Wednesday, President of China Duty Free Group (CDFG) Charles Chen recognized the promising prospects of the global alcoholic beverage market and shed light on the beneficial impact of Hainan’s offshore duty-free policy on the sector.
“The implementation of Hainan’s offshore duty-free policy has tapped into the huge potential of duty-free shopping among Chinese consumers,” said Chen via a video link at the French Association of Wine and Spirits Exporters (FEVS) Annual General Meeting. “This also puts Hainan in the spotlight of the global tourism and retail industry, drawing attention from recognizable brands around the world,” he added.
China’s domestic tourism and retail industry continues to boom currently. Statistics from Haikou Customs show Hainan’s offshore duty-free sales amounted to 993 million yuan (about 127 million euros) during the country’s five-day May Day holiday.
The market potential has been highly recognized by global top alcoholic beverage companies, and many of…