离岛免税政策再优化 多方面利好免税销售

Core Viewpoint - The recent adjustments to Hainan's duty-free shopping policy are expected to enhance consumer experience and stimulate growth in the duty-free sector, particularly through the inclusion of more domestic brands and expanded shopping opportunities for both departing travelers and local residents [1] Summary by Relevant Categories Policy Adjustments - The new policy, effective from November 1, includes five main changes: expanding the range of duty-free products, increasing domestic product categories eligible for tax refunds, raising the shopping age, including departing travelers as beneficiaries, and allowing local residents to make multiple purchases during a single departure [1] Market Impact - According to CITIC Securities, the policy changes align with expectations and are likely to enrich consumer shopping experiences. The growing presence of domestic brands is anticipated to become a new growth point for duty-free sales [1] - Recent sales data from Hainan shows a year-on-year improvement in duty-free sales, with sales amount, number of shoppers, and per capita spending increasing by 13.6%, 3.2%, and 10% respectively during the National Day holiday [1] Future Outlook - Following the closure on December 18, the attractiveness of Hainan is expected to increase, leading to greater consumer flow and benefiting the local retail market. The clarity of the free trade port policy post-closure is likely to enhance the competitive advantage of duty-free operations over other retail formats due to favorable tax rates and limits [1] - The continued implementation of the duty-free policy is projected to solidify the position of duty-free operators in Hainan's retail market, suggesting a positive outlook for the duty-free sector [1]