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TÓM TẮT
Hainan Duty-Free Market:
- Sales dropped by -22.8% to KRW13.7 trillion in 2023.
- Regulatory changes by Korea Customs Service impacted transactions.
- Offshore duty-free sales in Hainan increased by +25.4% in 2023.
Global Duty-Free Industry:
- Worth US$64.3 billion in 2022, showing a 22.9% increase.
- Market impacted by tax regime changes and technological advancements.
Luxury Retail Trends:
- Chinese consumers shifting to experience-based consumption.
- Luxury brands adapting by focusing on new scenarios like hotels and spas.
3 CÂU HỎI QUAN TRỌNG
What were the key factors contributing to the decline in the Hainan duty-free market sales in 2023?
- The decline in the Hainan duty-free market sales in 2023 was primarily due to regulatory changes by the Korea Customs Service that impacted transactions, leading to a drop in sales by -22.8% to KRW13.7 trillion.
- This regulatory shift had a significant negative effect on the market dynamics and contributed to the decrease in sales for the year.
How did regulatory changes by Korea Customs Service impact the transactions in the duty-free market?
- Regulatory changes by the Korea Customs Service imposed restrictions on individual foreign shoppers, limiting their purchases to 50 pieces of any Korean SKU or ten Korean bags and watches per brand from 1 February.
- Additionally, shipping goods by freight cargo for individual B2C customers out of Korea was prohibited, requiring customers to hand-carry items between China and South Korea.
- These changes aimed to normalize the duty-free market and align transactions with genuine travelers' consumption demands, impacting the dynamics of the market significantly.
What were the trends observed in the global duty-free industry and luxury retail sector in the recent years?
Global Duty-Free Industry:
- The global duty-free industry experienced growth, with a worth of US$64.3 billion in 2022, showing a 22.9% increase.
- Market impacted by tax regime changes and technological advancements.
Luxury Retail Sector:
- Chinese consumers shifting to experience-based consumption.
- Luxury brands adapting by focusing on new scenarios like hotels and spas.
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