In comparison, China's other retail hotspot Hong Kong logged a 97.7 percent decrease in visitors in the first 11 months of 2021.
Due to a strict zero COVID-19 case policy, international travel is heavily restricted in China. Hainan is the only place Chinese citizens can travel to during the pandemic.
In June 2020, the Chinese government detailed its plan to establish a free trade port in Hainan, transforming the island into a hub not just for tourism and retail but medical, technology, high-end manufacturing and financial services. It also boosted the duty-free spending allowance per person to 100,000 renminbi, or about $15,500 at current exchange, from 30,000 renminbi, the most generous offshore duty-free spending cap in the world.
According to a report from KPMG and Moodie-Davitt, Hainan Duty Free 2022 sales are expected to climb to at least $15.5 billion and to $46.5 billion by the end of 2025. In comparison, China’s other retail hot spot, Hong Kong, logged a 97.7 percent decrease in visitors in the first 11 months of 2021 due to border controls.
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