BEIJING, June 11, 2021 / PRNewswire / – This is a report from China.org.cn:
On Wednesday, the chairman of the China Duty Free Group (CDFG) Charles Chen recognized the promising outlook for the global alcoholic beverages market and highlighted the beneficial impact of from Hainan offshore duty free policy in the sector.
“The implementation of from Hainan The overseas duty-free policy has tapped the enormous potential of duty-free shopping among Chinese consumers, âChen said via a video link at the annual general meeting of the French Association of Wine and Spirits Exporters ( FEVS). Hainan in the spotlight of the global tourism and retail industry, attracting the attention of recognizable brands around the world, âhe added.
from China domestic tourism and the retail industry continue to grow today. Haikou Customs Fair Statistics from Hainan duty-free sales abroad amounted to 993 million yuan (about 127 million euros) during the five days of the country Help vacation.
The market potential has been highly recognized by the world’s largest alcoholic beverage companies, and many of them intend to explore duty-free business opportunities in Hainan.
According to Chen, CDFG has introduced some 300 brands of alcoholic beverages and more than 1,000 storage units for Hainan. By analyzing the consumption characteristic of the region on the sector, the company also brought limited edition products and CDFG exclusives and organized thematic promotional events. All this helped to increase the influence of from Hainan offshore market for duty-free alcoholic beverages among consumers.
In view of the effective efforts to prevent and control the pandemic and promote vaccines, Chen also considered the future development of the industry when overseas travel resumes. According to a recent report by the Economist Intelligence Unit (EIU), from China Outbound tourism is expected to return to pre-pandemic levels in early 2024.
Before the outbreak of the pandemic, China had the highest travel and tourism spending. âThe Chinese market is quite large and offers huge opportunities,â Chen said. He also recognized the potential for rapidly growing consumption among people born in the 1990s, adding that their demand will translate into flourishing business opportunities for alcoholic beverage companies.
With the spiraling turnover of alcoholic beverages in Hainan, the sector holds great promise in both tourism retail sales and traditional distribution, Chen noted.
Going forward, with the support of its parent company China Tourism Group (CTG), CDFG plans to introduce more global brands and limited edition products in China with better prices to meet Chinese consumer demand, to further promote the sustainable and healthy development of global tourism and retail market through cooperation and innovation.
President of the CDFG Charles Chen: Very promising global alcoholic beverages market