EY安永：2025年免税新纪元：破界重构炽浪突围研究报告

Core Insights - The report by EY analyzes the duty-free market from both consumer and operator perspectives, highlighting the current state, competitive landscape, and future trends of the industry [1][10]. Group 1: Market Development Trends - The global duty-free market is experiencing robust growth alongside the recovery of the tourism industry, with the Asia-Pacific region being significant but still not fully recovered to pre-pandemic levels, while Europe and the Americas have largely rebounded [1][15]. - The Chinese duty-free market faces challenges due to weakened domestic consumption and outbound consumption diversion, but with supportive policies, it is expected to enter a new phase of prosperity [1][10]. Group 2: Consumer Insights - The global duty-free market saw severe shrinkage during the early pandemic but is gradually recovering, with stable demand for perfumes and cosmetics, which hold a significant market share [2][22]. - In China, luxury goods demand has decreased due to macroeconomic factors, leading to more rational consumer behavior and increased outbound consumption, which has intensified structural adjustments in the duty-free market [2][40]. - Hainan's duty-free market benefits from unique policies, with peak consumption during the Spring Festival, although average spending per customer has shown a slight decline, indicating increased competition and a shift towards value-oriented purchasing [2][44][47]. Group 3: Operator Strategies - The Asia-Pacific region leads the global duty-free market, with China's market share steadily expanding, aided by visa-free transit policies [3][25]. - New regulations for city duty-free stores are invigorating the industry, with companies like China Duty Free Group and Wangfujing actively expanding their presence [3][31]. - Operators are innovating collaboration models with airport duty-free shops to balance interests, while the closure of Haikou has significant implications for the industry, presenting both opportunities and challenges [3][31]. Group 4: Future Outlook - Government policies aimed at boosting consumption and expanding domestic demand are providing favorable conditions for the duty-free industry, which is expected to accelerate transformation through innovative services and models [4][30]. - The recovery of the global tourism market, combined with supportive policies in China, positions the duty-free industry as a vital force for driving growth and stimulating domestic demand [4][30].